Godrej Properties on Thursday said its consolidated net profit in December quarter nearly tripled to Rs 38.95 crore. Its net profit stood at Rs 14.35 crore in the same period of 2020-21. Total income increased to Rs 466.91 crore in the quarter from Rs 311.12 crore in the corresponding period of the previous year, according to a regulatory filing.
Net profit jumped multi-fold to Rs 91.68 crore during the first nine months of 2021-22 from Rs 2.19 crore in the year-ago period.
Total income rose to Rs 1,063.12 crore during April-December period of this fiscal year from Rs 757.01 crore a year ago.
Mumbai-based Godrej Properties is one of the leading real estate developers in India. It has a major presence in Mumbai region, Pune, Delhi-NCR and Bengaluru.
Yash Gupta- Equity Research Analyst, Angel One Ltd., said, "Godrej Properties Limited reported consolidated total income for the quarter at Rs 399 crores up by 30 percent as compared to Rs 306 crores in Q3FY21. EBITDA for the quarter was at Rs 115 crores up by 42 percent. Area sold for the quarter down by 7 percent at 2.21 mn sqft as compared to 2.39 million sqft in Q3FY21. Booking value for the quarter was up by 4 percent at Rs 1,541 crores as compared to Rs 1,488 crores in Q3 FY21. Profit after tax for the quarter at Rs 39 crores up by 171 percent as compared to Rs 14 crores in Q3FY21.
"Overall numbers are below market expectations, company has launched 3 new projects in Q3FY22 and total 7 new projects in 9M FY22, added two new residential projects in Bangalore and NCR with salable area of 1.6 mn sqft , one commercial project in Pune."
