Godrej Properties rallies over 10% as Q3 profit beats forecast
The stock rallied 12% to Rs 389 after the company posted profit of Rs 77 crore in Q3
 "Godrej BKC is in MMR | Photo: godrejproperties.com")
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Godrej BKC is in MMR | Photo: godrejproperties.com
Godrej Properties has rallied 12% to Rs 389 on the BSE after the company reported a better than expected more than two-fold jump in its consolidated net profit at Rs 77 crore for the quarter ended December 2016 (Q3FY17). The Mumbai-based real estate developer had reported profit of Rs 27 crore in the same quarter last fiscal.
Total income from operations jumped 110% from Rs 518 crore during the quarter under review against Rs 247 crore in the corresponding quarter of previous year.
Analysts on an average expected profit of Rs 40 crore on income of Rs 391 crore for the quarter.
EBITDA (earnings before interest, tax, depreciation and amortization) margin improved to 28.3% in Q3FY17 from 16.8% in Q2FY17 and 17% in Q3FY16.
The stock hit a 52-week high in intra-day trade, is 1% away from its all-time high of Rs 393 touched July 12, 2011 on the BSE.
At 12:13 pm; it was up 8% at Rs 376 as compared to 0.16% decline in the S&P BSE Sensex. A combined 943,897 shares changed hands on the counter on the BSE and NSE so far.
Total income from operations jumped 110% from Rs 518 crore during the quarter under review against Rs 247 crore in the corresponding quarter of previous year.
Analysts on an average expected profit of Rs 40 crore on income of Rs 391 crore for the quarter.
EBITDA (earnings before interest, tax, depreciation and amortization) margin improved to 28.3% in Q3FY17 from 16.8% in Q2FY17 and 17% in Q3FY16.
The stock hit a 52-week high in intra-day trade, is 1% away from its all-time high of Rs 393 touched July 12, 2011 on the BSE.
At 12:13 pm; it was up 8% at Rs 376 as compared to 0.16% decline in the S&P BSE Sensex. A combined 943,897 shares changed hands on the counter on the BSE and NSE so far.