Godrej Properties tumbled 4.88% to Rs 1083.8 after the realty major's consolidated net profit fell 77.5% to Rs 7.1 crore in Q2 September 2020 from Rs 31.57 crore in Q2 September 2019.
Revenue from operations tumbled 65.5% to Rs 89.5 crore in Q2 September 2020 from Rs 259.67 crore in Q2 September 2019. Profit before tax (PBT) stood at 22.57 crore in Q2 September 2020, a 69% decline over Rs 72.88 crore in Q2 September 2019. Total tax expenses fell 59% to Rs 15.47 crore in Q2 September 2020 over Q2 September 2019. The result was announced during market hours today, 3 November 2020.Consolidated EBITDA tumbled 43% to Rs 77 crore in Q2 September 2020 from Rs 135 crore in Q2 September 2019. EBITDA/Total income fell to 32.3% in Q2 September 2020 from Rs 36.4% in Q2 September 2019.
The quarter witnessed total booking value of Rs 1,074 crore and total booking volume of 1.72 million sq. ft. in Q2 September 2020 compared with total booking value of Rs 1,446 crore and total booking volume of 2.25 million sq. ft. in Q2 September 2019.
The company added a new project in Mumbai with saleable area of ~1.5 million sq. ft. in Q2 FY21 and a new project in Bangalore with a saleable area of ~1.6 million sq. ft. in October 2020.
Commenting on the performance, Pirojsha Godrej, executive chairman, Godrej Properties said: "The real estate sector continues to be impacted by the pandemic but we believe this provides Godrej Properties with a tremendous opportunity to drive market share growth in residential real estate. While our planned launches in the second quarter were postponed due to regulatory approval delays, we were happy to see one of our strongest ever quarters for sales from existing projects. With a robust launch pipeline in the second half of the financial year, we expect strong sales momentum during this period."
Godrej Properties net debt stood at Rs 2,733 crore as of 30 September 2020, higher than Rs 1,752 crore in 30 June 2020 and 1,159 crore in 31 March 2020.
Godrej Properties is engaged in construction and real estate development.
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