Shares of Mumbai-based Godrej Properties Ltd. climbed to a six-year high after the real-estate company posted a near-three fold increase in net profit in the October-December quarter.
Net profit stood at Rs 77.26 crore compared to Rs 27.06 crore in the same quarter last year, the company said in a filing to the exchanges.
Total income more than doubled to Rs 518.24 crore from Rs 247.24 crore during the year-ago period. Other income came in at Rs 33.4 crore.
Earnings before interest, tax, depreciation and amortisation surged to Rs 120.66 crore from Rs 6 crore, while margins expanded to 23.28 percent from 2.42 percent earlier.
Leadership Changes
Chairman Adi Godrej will step down from his position and assume the role of chairman emeritus, and current Managing Director and Chief Executive Officer Pirojsha Godrej will take over as the executive chairman, the company said in a separate press release. Executive Director Mohit Malhotra will take over as the new managing director and CEO.
There will be many exciting opportunities in the Indian real estate space in the coming decades and the leadership team at Godrej Properties is well placed to capture these opportunities and successfully build an outstanding company.Adi Godrej, Chairman Emeritus, Godrej Group
Shares jumped as much as 11.4 percent to Rs 388.8 post the earnings announcement.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
