Godrej Properties Q4 PAT drops 35% YoY

Godrej Properties' consolidated net profit tumbled 35% to Rs 101 crore on 5% increase in total income to Rs 1,261 crore in Q4 March 2020 over Q4 March 2019.

Consolidated profit before tax (PBT) fell 23% to Rs 190 crore in Q4 March 2020 over Q4 March 2019. EBITDA slipped 19% to stand at Rs 253 crore during the period under review. The result was announced during market hours today, 11 May 2020.

The quarter witnessed a total booking value of Rs 2,383 crore and total booking volume of 3.61 million square feet as compared to total booking value of Rs 2,161 crore and total booking volume of 3.72 million square feet in Q4 March 2019. The company delivered about 1.9 million square feet across 4 cities in Q4 March 2020.

Commenting on the Q4 performance, Pirojsha Godrej, the executive chairman of Godrej Properties, has stated that, "Our focus at the moment is on ensuring the health and safety of our workforce and doing everything we can to assist the government's response to this crisis. While the real estate sector is likely to be significantly impacted for the next few months, we believe there will be continued opportunities for credible developers with strong brands as the process of consolidation that has been underway in the sector gathers pace. In Q4, Godrej Properties posted its best ever quarterly performance in terms of the value of real estate sold. While the start of FY21 may be muted, our strong project pipeline and healthy balance sheet will help maintain sales momentum in FY21."

Shares of the real estate developer were up 0.93% to Rs 623.15 on BSE. It hovered in the range of Rs 612.80 to Rs 635 so far.

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