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Godrej Properties Ltd’s shares fell 5.04 per cent even as the company reported a 208 per cent profit growth for the quarter ending June 30, 2023, to Rs 133.69 crore from Rs 43.31 crore during the corresponding quarter last year.
Revenues were up by 282 per cent to Rs 936.09 crore from Rs 244.67 crore last year. Sequentially, profits were 70 per cent lower than the Rs 453 crore reported in the previous quarter.
According to a report by ICICI Securities, “Godrej Properties (GPL) clocked muted Q1FY24 gross sales bookings of 2.25 marginal standing facility (msf) worth INR22.5 bn (I-sec estimate of INR24.0 bn) and was down 11 per cent YoY in value terms owing to delays in a few planned launches. While the company retains guidance for Rs 140bn of FY24 gross sales bookings, driven by a launch pipeline of 19 (msf) for the rest of FY24, the operating cash surplus for Q1FY24 was weak at Rs 1.2bn. Further, with a heavy land spend of Rs 16 billion during the quarter, net debt levels rose by a similar level QoQ to Rs 53.0 billion as of June 23. Key risks to our rating are better-than-expected cash flow generation and a surge in property prices across India.”
The shares traded at Rs 1,576 at 10.18 am on BSE.
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