Ganesh Housing Corp profits slump 30% in June quarter; stock tanks 8%

Shares of Ganesh Housing Corporation tanked up to 8 per cent at Rs 925 per share on the BSE in Monday’s intraday trade. The share price slipped after the company on Monday reported a 29.81 per cent year-on-year (Y-o-Y) decline in profit after tax (PAT) at Rs 113 crore in April-June quarter of the financial year of 2024-25 (Q1FY25). 

The company recorded a PAT of Rs 161 crore in the corresponding quarter of the previous year. 

The revenues from operations decreased by 20.74 per cent to Rs 214 crore in the June quarter, down from Rs 270 crore recorded in the same quarter last year. Sequentially, the revenue was down by 22.46 per cent. 

The company’s total expenses for the quarter stood at Rs 67.9 crore, up 20 per cent year on year from Rs 56.4 crore reported in Q1FY24. 

Ahmedabad based Ganesh Housing Corporation is primarily involved in real estate development. The company focuses on constructing residential, commercial, and infrastructure projects. Its core business revolves around promoting and developing real estate properties in India.

The company has a total market capitalisation of Rs 7,901.76 crore, according to Bombay Stock Exchange (BSE). The company’s shares are trading at a price to earnings multiple of 30.95 with an earning per share of Rs 32.49. 

The shares of the company have zoomed 110 per cent in the last six months, while rallying 128.6 per cent in the last one year. 

At 01:40 PM, shares of Ganesh Housing Corporation regained half of its lost ground and were trading 5.62 per cent lower at Rs 949 per share. By comparison, BSE Sensex was trading 0.37 per cent higher at 80,818 levels.