Godrej Properties Q4 net profit rises 14% to Rs 471 crore

Godrej Properties on Friday reported net profit of Rs 471 crore in January-March quarter, marking an up move of 14 per cent from Rs 412 crore in the same period last year. Its revenue from operations fell 13 per cent to Rs 1,426 crore from Rs 1,646 crore in the year ago period.

Godrej Properties' earnings before interest, taxes, depreciation, and amortisation (EBITDA) also known as operating profit tumbled 64 per cent to Rs 122.75 crore from Rs 346 crore and its operating profit margin contracted to 8.61 per cent from 21.02 per cent in the year ago period.

"During the year ended March 31, 2024, the Group has acquired control of four of its joint ventures. Consequently, fair value gain upon re-measurement of Group's existing investments have been recorded under the head other income," the company said in a stock exchange filing.

The Company also granted 36,853 new stock grants to eligible employees, 16,861 stock grants lapsed, and 20,030 equity shares were allotted upon the exercise of stock grants under the Employee Stock Grant Scheme, Godrej Properties added.

Godrej Properties shares traded 0.26 per cent higher at Rs 2,539 after its earnings announcement.