Godrej Properties Reports Sharp Drop In Second Quarter Profit
.jpg?downsize=1010:568 "Godrej Properties Reports Sharp Drop In Second Quarter Profit")
Godrej Properties Ltd.'s July to September quarter profit dropped 77 percent, missing street estimates by 56 percent.
Net profit for the Mumbai-based company stood at Rs 23.5 crore, compared to Rs 104 crore in the same quarter last year. The profit missed the Rs 53.8 crore consensus estimate of analysts tracked by Bloomberg.
Total income fell 74.9 percent to Rs 329.6 crore from Rs 1,314.6 crore. Other income for the real estate company came in at Rs 29.5 crore.
Earnings before interest, tax, depreciation and amortisation slumped 81 percent to Rs 23.6 crore, while margins dipped to 7.14 percent from 9.46 percent.
The company is likely to report muted performance in the near-term, Kotak Institutional Equities said in its note to clients.
Sales momentum is likely to remain slow, on seasonality and type of projects having unsold area.Kotak Institutional Equities
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