Godrej Properties Q4 profit plunges 35% to Rs 101 crore

Godrej Properties has reported a 35.5 percent year-on-year decline in consolidated profit at Rs 101.08 crore for the quarter ended March 2020, impacted by lower other income (down 16.7 percent), weak operating growth and losses in joint ventures and associates (Rs 27.64 crore).

The Mumbai-based real estate company reported a profit of Rs 156.66 crore in the same quarter last year.

However, revenue from operations increased 10.4 percent year-on-year to Rs 1,163.05 crore in Q4FY20.

The company said booking value rose by 10 percent YoY to Rs 2,383 crore during the quarter and the sequential growth was 100 percent. However, the area sold in Q4 was down by 3 percent YoY at 36.10 lakh square feet but rose 128 percent QoQ, it added.

"The sales in Q4 included over 500 homes sold in the second half of March as the company focused on digital sales tools to sustain operations despite the lockdown," Godrej Properties said.

The company added five residential projects (three in the Mumbai Metropolitan Region and two in the National Capital Region) with a saleable area of around 6.1 million square feet during the quarter.

Find All Earnings Related News Here

Its earnings before interest, tax, depreciation and amortisation (EBITDA) fell 6.9 percent to Rs 155.45 crore and margin contracted 248 basis points to 13.36 percent YoY.

For the financial year 2019-20, the company's consolidated profit increased by 5.6 percent to Rs 267.21 crore but revenue fell 13.3 percent to Rs 2,441.42 crore compared to previous year.