Mumbai-based Godrej Properties' fourth quarter (January-March) consolidated net profit rose 33.7 percent year-on-year to Rs 53.2 crore, helped by increase in operating income and fall in tax expenses.
However, consolidated revenue declined 11 percent to Rs 312 crore from Rs 350.2 crore Y-o-Y.
Operating income jumped 5 times Y-o-Y to Rs 32.30 crore. Tax expenses fell 27.6 percent year-on-year to Rs 27.07 crore during the quarter. Also Read - Godrej Properties enters new project in Bengaluru
Meanwhile, consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) increased 25 percent Y-o-Y to Rs 99 crore, and operating profit margin grew by 910 basis points to 31.6 percent in March quarter.
However, other income dropped significantly to Rs 2 crore from Rs 23 crore Y-o-Y.
Godrej Properties recommended dividend of Rs 4 per share for the year ended March 31, 2013.
The stock rallied more than 3 percent, immediately after quarterly earnings. But gains could not sustain for long. At 13:19 hours IST, the stock was down 0.14 percent to Rs 617.50 amid hefty volumes on Bombay Stock Exchange.
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