Godrej Properties Q3 Results: Revenue Rises 68%, Misses Estimates
The Mumbai-based developer's net profit increased 12.5% year-on-year to Rs 62 crore for the quarter ended December.
Godrej Properties Ltd.'s third quarter profit rose to Rs 62 crore, missing analysts' estimates.
The Mumbai-based developer's net profit increased 12.5% year-on-year to Rs 62 crore for the quarter ended December, compared to Rs 56 crore in the same period last year. That compares with the Rs125 -crore consensus estimate of analysts tracked by Bloomberg.
Its revenue from operations jumped 68% to Rs 330 crore from Rs 196 crore during the same quarter last year. Analysts polled at Bloomberg expected it to be Rs 435.6 crore for the quarter.
Its total expenses rose over 62% to Rs 429 crore versus Rs 265 crore on-year.
Godrej Properties Q3 FY24 Highlights (YoY)
Revenue up 68% to Rs 330 crore (Bloomberg estimate: Rs 435.6 crore)
Ebitda loss of Rs 42 crore Vs loss of Rs 17 crore
Net profit up 12.5% at Rs 62 crore vs Rs 56 crore (Bloomberg estimate: Rs 124.9 crore)
Other Highlights
GPL said it achieved highest ever quarterly sales for second quarter in a row as the booking value stood at Rs 5,720 crore, a YoY growth of 76%, from the sale of 4.34 million square feet area.
The company launched eight new projects and phases during the quarter across five cities. Collections for the period stood at Rs 2,411 crore, an annual growth of 43%.
Net operating cashflow for the three months to December stood at Rs 798 crore, a YoY growth of 45%.
"We will significantly exceed our bookings guidance of Rs 14,000 crore for FY24 and we are confident of also delivering our best ever year in terms of cash collections and project deliveries," said Pirojsha Godrej, Executive Chairperson, Godrej Properties.
Shares of Godrej Properties were down 1.5% at Rs 2,284 apiece on the BSE on Tuesday, as compared with a 0.5% advance in the benchmark Sensex. The realty stock has risen about 102% in a year.
