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Godrej Properties share slips 10% post weak Q2 earnings

Godrej Properties share fell 9.83% to Rs 1027 against previous close of Rs 1139 on BSE

twitter-logoBusinessToday.In | November 3, 2020 | Updated 15:44 IST
Godrej Properties share slips 10% post weak Q2 earnings
Share of Godrej Properties has fallen after 2 days of consecutive gain

Godrej Properties share price fell nearly 10% today after the realty firm reported a 77.5% decline in Q2 net profit. Share of Godrej Properties has fallen after 2 days of consecutive gain. Godrej Properties share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 3.56% in one year and risen 4.8% since the beginning of this year. In a month, the stock has gained 19.57%. The realty stock fell 9.83% to Rs 1027 against previous close of Rs 1139 on BSE. Total 1.38 lakh shares changed hands amounting to turnover of Rs 14.81 crore on BSE. Market cap of the firm fell to Rs 26,295 crore.

The realty major's consolidated net profit fell 77.5% to Rs 7.1 crore in Q2 of 2020 from Rs 31.57 crore in Q2 of 2019. Revenue from operations declined 65.5% to Rs 89.5 crore in Q2 from Rs 259.67 crore in Q2 of last fiscal. Tax expenses fell 59% to Rs 15.47 crore in Q2 September 2020 over Q2 September 2019. The earnings were announced during market hours today.

Total booking value of properties declined to Rs 1,074 crore in Q2 compared with total booking value of Rs 1,446 crore

Commenting on the performance, Pirojsha Godrej, executive chairman, Godrej Properties said: "The real estate sector continues to be impacted by the pandemic but we believe this provides Godrej Properties with a tremendous opportunity to drive market share growth in residential real estate.

While our planned launches in the second quarter were postponed due to regulatory approval delays, we were happy to see one of our strongest ever quarters for sales from existing projects. With a robust launch pipeline in the second half of the financial year, we expect strong sales momentum during this period."

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