Godrej Properties posts weak bottom-line numbers

Godrej Properties consolidated revenue for the quarter came in at Rs. 627 crore, registering 21 per cent yoy increase.

EBITDA for the quarter fell by 61.7 per cent yoy to Rs. 46.18 crore with a corresponding margin contraction of 1592 bps. EBITDA margin for the quarter stood at 7.4 per cent. This margin contraction was mainly on account of sharp rise in selling cost in proportionate to total sales (79 per cent in Q3FY18 as against 65 per cent in Q3FY17). Also, increase in other expenses in proportionate to sales added in margin contraction.

The PAT for the quarter came in at Rs. 25.94 crore, yoy decline of 66.4 per cent. This was also due to rise in effective tax rate to ~45 per cent from 34.4 per cent in Q3FY17.