India's Godrej Properties reports profit slump on soaring construction costs
India's Godrej Properties reports profit slump on soaring construction costs Oct 23 (Reuters) - Indian real estate developer Godrej Properties GODR.NS reported a sharp drop in quarterly profit on Friday, as higher raw material costs outweighed strong demand for residential projects.
Here are some details:
Godrej Properties ranks among India's largest listed homebuilders, with a strong foothold in key housing markets such as the Mumbai Metropolitan Region, Pune, Bengaluru and the National Capital Region
The real estate developer's consolidated net profit fell nearly 62% to 1.54 billion rupees ($16.23 million) in the quarter ended September, from 4.05 billion rupees a year earlier
Revenue from operations soared 161.4% to 19.35 billion rupees
Expenses jumped 90.4% to 24.77 billion rupees, largely due to higher raw material costs, which increased 32.3% year-on-year
"While some of the headline earnings and bookings numbers for the quarter look muted, Q2 was a very strong operating quarter with sustenance sales growth," Chairperson Pirojsha Godrej said
Shares of the company were down 5.2% post results and have fallen 25.7% so far in 2026
($1 = 94.9100 Indian rupees)
(Reporting by Abhinav Parmar in Bengaluru; Editing by Mrigank Dhaniwala)
((Abhinav.Parmar@thomsonreuters.com;))
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