Godrej Properties Ltd shares climbed as much as 10% in intraday trade on Monday after the company announced robust set of numbers for the third quarter ended December (Q3), exceeding expectations.
Godrej Properties shares hit Rs 1,088 levels at the highest point in the day. The stock settled the session at Rs 1,068, up nearly 8%. Interestingly, Godrej Properties shares had tumbled 8% in the previous session itself after the Union Budget 2020 disappointment. The stock has returned a whopping 40% to investors in the last one year.
The real estate firm posted a 9.2% increase in its consolidated net profit at Rs 45.49 crore for the quarter ended December compared with Rs 41.63 crore in the year-ago period, Godrej Properties said in a filing to stock exchanges.
Godrej Properties’ consolidated income increased to Rs 517.47 crore in the third quarter from Rs 430.70 crore in the year-ago period.
At the operating level, consolidated earnings before interest, tax, depreciation and amortisation (Ebitda) jumped by a massive 60% to Rs 151 crore in the December quarter from Rs 94 crore in the year-ago quarter. Meanwhile, Ebitda margin stood at 30.7% in the third quarter compared with 19.9% a year ago.
Godrej Properties said it has added four new projects with a saleable area of around 12.7 million square feet in the December quarter.
During the December quarter, the company saw a total booking value of Rs 1,189 crore and total booking volume of 1.58 million sq. ft. compared with total booking value of Rs 1,528 crore and total booking volume of 2.80 million sq. ft. in the year-ago quarter.
The company’s management said the ongoing consolidation in the real estate sector provides Godrej Properties a tremendous opportunity to drive market share growth in the residential real estate space.