Godrej Properties Q1 Net Profit Up and Revenue Down

Godrej Properties is a real estate company. The company's business focuses on residential (apartments, villas and plotted developments), commercial (including corporate office blocks, built-to-suit facilities, technology parks and campuses) and township developments.

Godrej Properties announced its first quarter results, reporting Rs 237.58 crore revenue from Rs 331.82 crore, down by 28.4 per cent on yearly basis.

The EBITDA rose by 24.7 per cent to Rs 55 crore and the EBITDA margin expanded by 990 basis points to 23.2 per cent as total expenses dropped 36 percent to Rs 185.6 crore. Cost of sales fell 43.6 percent to reach Rs 150.9 crore during the same period.

The first quarter net profit stood at Rs 55 crore compared to Rs 45.6 crore in the year-ago period, driven by strong operational performance on lower cost of sales.

Commenting on the financial performance of Q1 FY2016, Mr. Pirojsha Godrej, Managing Director & CEO Godrej Properties Limited, said: “I am happy to note that GPL in Q1 FY16 has started the year on a strong note by registering its highest ever quarterly sales and highest ever deliveries in a single quarter. Our sales in the first quarter grew by 52% year-on-year and 192% quarter-on-quarter. We look forward to building on this momentum in the year ahead.”

The company delivered 912 units measuring 1 million sq. ft. at Godrej Garden City, Ahmedabad, 84 units measuring 0.11 million sq. ft. at Godrej Horizon, Pune, 33 villas measuring 0.11 million sq. ft. at Godrej Gold County, Bangalore and 0.5 million sq. ft. commercial space at Godrej Eternia, Chandigarh.

Today after the result announcements, the company is trading around 2 per cent lower at Rs 262.