Godrej Properties slips ~2% on disappointing Q1 show

2 Aug 2023 , 02:05 PM

Godrej Properties shares were trading about 2% lower in the afternoon session on Wednesday after the company reported a sequential fall in revenue and profit in the current fiscal year’s June quarter.

At around 1.57 PM, the stock was trading 1.95% lower at Rs 1,659 per piece, against the previous close of Rs 1,692 on NSE.

The company’s net profit fell by 70% on a QoQ basis, while revenue fell by 32%. However, on a year-on-year basis, profit increased by 174%, and revenue increased by 251%. Consolidated net profit stood at Rs 125 crore in Q1FY24, against Rs 45.55 crore in the previous corresponding quarter. 

Revenue from operations in June quarter was reported at Rs 936 crore, compared to Rs 245 crore.

Total bookings were Rs 2,254 crore, with 2.25 million sq. ft. sold during the quarter, an 11% decrease year-on-year. Sustenance sales increased by 19% y-o-y to Rs 1,816 crore, owing to the introduction of three new projects/phases during the April-June period.

The company announced the addition of four new projects with a total estimated saleable area of 3.7 million square feet and a booking value of Rs 6,450 crore.

The company said that its collections jumped by 26% to Rs 1,954 crore in Q1FY24, resulting in a 436% increase in net operating cash flow to Rs 118 crore. In Q1FY24, it also delivered 4.9 million square feet across four regions.

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