Godrej Properties volatile

Godrej Properties opened in the green today, up 1.2% and went up over 3.5% to hit an intraday high at Rs.2429.60; this was in anticipation of the Q2 numbers; once that came in, which missed most estimates, the stock price tanked to Rs.2272.70 and is presently trading in the red.

The company, though YoY, line majority of companies, thanks to the low base, posted a very good number, the market had expected much more.

The consolidated net profit came in at Rs.36 crore v/s Rs.17 crore as against estimates of around Rs.65 crore.

Revenue rose 50% at Rs.130 crore and total cost rose to Rs.232 crore. EBITDA was at Rs.105 crore v/s Rs.77 crore.

The company launched 4 new projects/phases in Q2 FY22. Sales value in Q2 FY22 was more than 5x the previous quarter. There was 140% YoY growth in value of sales booking for Q2 FY22 to Rs.2,574 crore and 18% YoY growth in value of sales booking for H1 FY22 to Rs.3,072 crore.