Godrej Properties Q1 Results: Profit Jumps Nearly Threefold, But Miss Estimates
Godrej Properties Ltd.'s profit jumped nearly threefold in the first quarter, but missed analysts' estimates. The profit jump was due to the inclusion of share of profit from the joint venture.
The company's consolidated net profit surged 174.72% year-on-year to Rs 125 crore for the quarter ended June, according to an exchange filing. Analysts polled by Bloomberg estimated a net profit of Rs 144.6 crore.
The company received Rs 49 crore during the quarter as a share of profit from the joint venture, compared to a loss of Rs 51.6 crore in the same quarter a year ago.
Godrej Properties Q1 Highlights (YoY):
Revenue from operations up 282.66% at Rs 936 crore. (Bloomberg estimate: Rs 657 crore)
Ebitda loss at Rs 149 crore versus Rs 15 crore.
Net Profit up 174.72% at Rs 125 crore. (Bloomberg estimate: Rs 144.6 crore).
Other Highlights
The company said its bookings declined by 11% during the quarter to Rs 2,254 crore from the sale of 2.25 million square feet. It added four new projects with a total estimated booking value of Rs 6,450 crore in April–July 2023.
It had other income of Rs 330 crore versus Rs 182 crore in the corresponding quarter of the previous fiscal.
The realty major's collections grew by 26% to Rs 1,954 crore in Q1 FY24, leading to net operating cash flow growth at Rs 118 crore.
“While it was a muted start to the year from a bookings perspective, Godrej Properties saw strong traction in deliveries, business development, cash collections, and earnings in Q1," said Pirojsha Godrej, executive chairperson, Godrej Properties Ltd.
"With a robust launch pipeline, strong balance sheet, and resilient demand, we are on-track to achieve our bookings target of Rs 14,000 crore in FY24, while also achieving our highest ever deliveries and collections performance," he said.
Shares of Godrej Properties fell more than 1% to Rs 1,668 apiece on Wednesday, compared to a 0.9% fall in benchmark Sensex. The realty stock is up 35% year-to-date.
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