Godrej Properties' Q1 performance let down the market, as the stock fell 2%

After the company announced a sequential fall in revenue and profit in the June quarter of the current financial year, Godrej Properties shares were down about 2% during the afternoon of August 2.

The company's quarterly net profit fell by 70% to Rs 125 crore, while its quarterly revenue fell by 32% to Rs 1,315 crore. The figures were outstanding, with profit increasing by 174% and revenue by 251% YoY.

With 2.25 million sq ft sold during the quarter, total bookings were at Rs 2,254 crore, down 11% YoY. As three new projects/phases were launched between April and June, sustenance sales increased by 19% YoY to Rs 1,816 crore.

With a total estimated saleable area of 3.7 million square feet and an anticipated booking value of Rs 6,450 crore, the company has added four additional projects.

Source: Media Reports