Godrej Properties posts 42% Q1 profit fall to ₹350cr
Business
Godrej Properties just posted a 42% drop in first-quarter profit this year; net profit fell to ₹350 crore from last year's ₹600 crore.
Total income also slipped by 16%, and the company's share price closed down 2.68% on Tuesday.
Godrej Properties deliveries shrank, bookings rose
The main reason for the dip? Project deliveries shrank substantially: only 0.9 million square feet delivered this quarter versus 7.4 million square feet last quarter. This hit their margins and earnings too, with EBITDA down 40%.
But here's a bright spot: bookings actually went up by 22% year over year, hitting ₹8,651 crore across 3,738 units.
Plus, they launched three new projects with big potential for future sales, so while profits took a hit now, there are some positive signs ahead.