Godrej Properties Ltd.'s profit fell in the April-June quarter of financial year 2017-18, missing street estimates.
Net profit declined 46 percent to Rs 23.4 crore, much lower than Rs 64 crore pegged by analysts tracked by Bloomberg. Revenue for the quarter missed estimates by at least Rs 200 crore, falling 18 percent to Rs 248.7 crore.
The company clocked total sales at Rs 1,474 crore for Q1FY18, which was its highest ever residential sales in a quarter, according to its press release.
“We also added 4 new projects to our portfolio and had one of our best ever quarters in terms of operating cash flow. We look forward to building on this momentum in the year ahead,” said Pirojsha Godrej, executive chairman, Godrej Properties.
Earnings before interest, tax, depreciation and amortisation dropped to Rs 18 crore compared to Rs 40 crore in the corresponding quarter last year.
Shares of Godrej Properties fell as much as 3.49 percent, the most in a month.
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