Godrej Properties Q2 beats estimates, stock up 6%

Godrej Properties has soared 6% to Rs 615 after reporting better than expected 74% year-on-year (yoy) jump in consolidated net profit at Rs 33 crore for the second quarter ended September 2012 on back of higher operational income. 

“Total income from operations grew 68% at Rs 233 crore on y-o-y basis,” Godrej Group Company said in a statement.

Analyst on an average had expected net profit of Rs 25 crore and operational income of Rs 223 crore from the Mumbai-based real estate developer.

The stock opened at Rs 588 and hit a low of Rs 587 on the BSE. A combined 148,281 shares have changed hands on the counter so far against an average less than 10,000 shares that were traded daily in past two weeks.