Godrej Properties posted a 23 per cent drop in its profit before tax (PBT) for the fourth quarter of FY20 at Rs 190 crore, mainly because of the increase in cost of raw materials consumed. In Q4FY19, it posted a PBT of Rs 245.55 crore.
Its net profit fell 35 per cent to Rs 101 crore in Q4FY20 over the corresponding quarter of FY19.
Its revenue from operations went up 10 per cent at Rs 1163 crore.
The cost of raw materials consumed went up five times to Rs 501 crore during Q4FY20.
In Q4, Godrej Properties said it posted its best-ever quarterly performance in terms of the value of real estate sold.
Fourth quarter of FY20 witnessed a total booking value of Rs 2,383 crore and total booking volume of 3.61 million sq. ft as compared to total booking value of Rs 2,161 crore and total booking volume of 3.72 million sq. ft. in Q4FY19, the company said.
Pirojsha Godrej, executive chairman, Godrej Properties, said: “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. While the start of FY21 may be muted, our strong project pipeline and healthy balance sheet will help maintain sales momentum in FY21.”