Godrej Properties extends rally on robust Q4 results; stock hits new high

The stock hit a new high of Rs 917, up 8%, extending its past two days 8% surged after the company reported an over two-fold jump in its consolidated net profit at Rs 1.41 billion in Q4FY18.

Godrej Properties hit a new high of Rs 917, up 8%, extending past two days' gain of 8% on the BSE, after the realty firm on Friday reported an over two-fold jump in its consolidated net profit at Rs 1.41 billion for the quarter ended March 2018 (Q4FY18) on higher sales. Its net profit stood at Rs 626 million in the year-ago period.

Total income also rose sharply by 84% to Rs 8.48 billion from in the fourth quarter of the last financial year from Rs 4.62 billion in the corresponding period of the previous year.

EBITDA (earnings