Shares of Godrej Properties zoomed 10 per cent to Rs 1,084 on the BSE on Monday after the company’s consolidated profit before tax (PBT) in December quarter (Q3FY20) more-than-doubled at Rs 88 crore, on the back of strong operational performance. The real estate developer had reported PBT of Rs 36 crore in the year-ago quarter. The stock erased its entire 8 per cent loss recorded on the Budget day.

The management said the ongoing consolidation in the sector provides Godrej Properties a tremendous opportunity to drive market share growth in residential real estate. It expects to end the year on a strong note with a large number of project launches and project additions expected in the upcoming weeks.

Godrej Properties said it added four new projects (three in MMR and one in Bangalore) with saleable area of around 12.7 million sq. ft. in Q3FY20.

During the quarter, the company witnessed a total booking value of Rs 1,189 crore and total booking volume of 1.58 million sq. ft. as compared to total booking value of Rs 1,528 crore and total booking volume of 2.80 million sq. ft. in Q3FY19.

Meanwhile, the company’s consolidated total income grew 4 per cent year on year (Y-o-Y) to Rs 491 crore, while net profit rose 9 per cent to Rs 45 crore over the previous year quarter.

Consolidated earnings before interest, tax, depreciation and amortisation (Ebitda), which include share of profit in joint venture, jumped 60 per cent to Rs 151 crore from Rs 94 crore in the previous year quarter. Ebitda margin improved substantially to 30.7 per cent in Q3FY20 from 19.9 per cent in Q3FY19.

At 12:43 pm, the stock was trading 8 per cent higher at Rs 1,070 on the BSE, as compared to 0.21 per cent rise in the S&P BSE Sensex. A combined 670,612 equity shares have changed hands on the NSE and BSE so far.