Godrej Properties Ltd.'s consolidated net profit rose 8% in the second quarter, missing analysts' estimates.
The company's profit increased to Rs 72.6 crore in the quarter ended September, according to an exchange filing on Thursday. Analysts polled at Bloomberg had expected a profit of Rs 230 crore for the period.
Its total expenses rose 65% to Rs 460 crore from Rs 278 crore. The property developer said it achieved highest-ever quarterly sales with its booking value at Rs 5,034 crore.
Godrej Properties Q2 FY24 Highlights (Consolidated, YoY)
Revenue rose 108% to Rs 343 crore vs Rs 165 crore.
Ebitda loss at Rs 61.6 crore vs loss of Rs 68 crore.
Net profit up 8% at Rs 72.6 crore vs Rs 67 crore.
Key Highlights
GPL's booking value stood at Rs 5,034 crore, a growth of 109%, from the sale of 5.24 million sq. ft.
The company had seven new project and phase launches during the quarter across five cities.
Collections stood at Rs 2,378 Crore, a growth of 23%.
Net operating cashflow stood at Rs 811 crore, a rise of 12%.
Net debt stood at Rs 6,174 crore as of September vs Rs 5,298 crore as of June
Net debt/equity ratio at 0.65 vs 0.56 quarter-on-quarter
With its guidance of Rs 14,000 crore for the current fiscal, the real estate major said its year-to-date guidance stood at Rs 7,288 crore, achieving 52% of the target.
Shares of Godrej Properties were trading 2.69% higher at Rs 1,710 apiece on the BSE after the results were announced compared to 0.7% advance in the benchmark Sensex at 2.14 p.m.
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