Godrej Properties spurts after Q3 PBT jumps 145%

Godrej Properties soared 8.6% to Rs 1074.3 after the realty major declared strong Q3 2019 earnings during market hours today.

On a consolidated basis, the realtor's net profit rose 9% to Rs 45 crore and total income rose 4% to Rs 491 crore in Q3 December 2019 as compared to Q3 December 2018.

Consolidated profit before tax (PBT) for Q3 December 2019 stood at Rs 88 crore, jumping 145% from Rs 36 crore reported in Q3 December 2018. Consolidated EBITDA jumped 60% to Rs 151 crore year-on-year.

Q3 FY20 witnessed a total booking value of Rs 1,189 crore and total booking volume of 1.58 million sq. ft. as compared to total booking value of Rs 1,528 croreand total booking volume of 2.80 million sq. ft. in Q3 FY19.

Commenting on the performance of Q3 FY2020, Pirojsha Godrej, Executive Chairman, Godrej Properties, said: ''The overall environment in the real estate sector remains challenging but we continue to believe that the ongoing consolidation in the sector provides Godrej Properties a tremendous opportunity to drive market share growth in residential real estate. We expect to end the year on a strong note with a large number of project launches and project additions expected in the upcoming weeks."

Godrej Properties is engaged in construction and real estate development. The firm focuses on developing residential, commercial and township projects spread across approximately 11.89 million square meters in over 10 cities.

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