Godrej Properties posts 69 pc fall in Q3 profit at Rs 14 crore

Godrej Properties on Thursday reported 69 per cent year-on-year fall in its Q3 net profit at Rs 14 crore versus Rs 47 crore in the corresponding period of previous fiscal.

Profit before tax was down 64 per cent to Rs 31 crore in Q3 FY21 from Rs 88 crore while the revenue was down 55 per cent at Rs 170 crore as compared to Rs 383 crore in Q3 FY20.

Total income slipped by 38 per cent to Rs 306 crore from Rs 491 crore in the same period. Earnings before interest, tax, depreciation and amortisation (EBITDA) cracked by 46 per cent to Rs 81 crore from Rs 151 crore.

However, Q3 FY21 witnessed total booking value growth of 25 per cent to Rs 1,488 crore and total booking volume growth of 51 per cent to 2.4 million square feet.

The 9M FY21 period witnessed a total booking value of Rs 4,093 crore and total booking volume of 6.64 million square feet, representing a growth of 16 per cent in booking value and 28 per cent in booking volume.

"The real estate sector has recovered from the initial impact of pandemic," said Executive Chairman Pirojsha Godrej.

"The government action to reduce stamp duties and premiums in Maharashtra combined with a higher intent towards home ownership as a result of the pandemic has helped drive a turnaround in sentiment towards residential real estate," he said in a statement.

"With a large number of new project launches planned for the fourth quarter, we expect to end the year on a strong note and enter the new financial year with strong momentum," said Godrej.

( With inputs from ANI )