Godrej Properties dips on decline in revenue during Q2

Stock down nearly 3% on Bombay Stock Exchange after reaching its 52-week high of Rs 265

Realty firm Godrej Properties declined nearly 3% on the Bombay Stock Exchange (BSE) in the first hour of trade as the company reported a 4.07% decline in its revenue in the second quarter.

The Mumbai based realty firm reported a 36 per cent increase in its consolidated net profit at Rs 46.6 crore for the quarter ended September 30. It had posted a net profit of Rs 34.25 crore in the year- ago period.

Total income from operations fell to Rs 293.97 crore during the second quarter of this fiscal from Rs 306.49 crore in the corresponding period of the last fiscal, Godrej Properties, which is a part of Godrej Group, said in a statement.

The stock opened at Rs 265 which is also its 52-week high and quickly dipped to a low of Rs 250. Nearly 168,000 shares changed hands on BSE and NSE till 1025 hrs.

Earlier this month, real estate private equity firm Milestone Capital Advisors sold its complete stake in Godrej Prakriti in Kolkata for Rs 200 crore.