Godrej Properties is another stock that is buzzing in trade post a strong set of second quarter earnings. In an interview to CNBC-TV18, its Executive Chairman spoke about the Q2 performance.
Godrej said they are very happy with the way Q2 has gone operationally and that they hope to carry forward the momentum seen in the first half to the second half of the year as well.
He said, “We are very happy with the way the second quarter has gone and we have been able to build on the strong momentum that we saw in the first quarter.”
Talking about a few highlights of the period, he said on the financial front, we saw revenues grow by above 50 percent. Both EBITDA and net profit increased by over 80 percent.
More than the financials, the things that gave a lot of encouragement during the quarter were the results we saw one in sales which was reflected in our booking value growing by about 120 percent to Rs 1300 odd crores and also in business development where we added 4 new projects with a total area of 12 million square feet to the company's portfolio in the second quarter
When asked about the outlook for the industry, he said “We do think that there will be a few more months of weakness. But I actually think the next financial year is quite likely to see a pretty strong turnaround in the sector's fortunes.”
Therefore, the next 6 months are critically important from a business development perspective because these weak market conditions certainly creates an ideal environment for us to add new projects to our portfolio.
He said, there is no rateability to forecast the exact number of projects we will be able to add but certainly the idea would be to at least maintain the momentum we've seen in the first half
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