Godrej Properties Profit Drops on Higher Costs
Indian real estate developer Godrej Properties reported a sharp drop in quarterly profit as surging raw material costs outweighed strong housing demand. Consolidated net profit fell nearly 62 percent while revenue rose.
Xurve View
Insights:
Xurve View
Godrej Properties posted a 62% drop in quarterly profit to 1.54 billion rupees ($16.23 million) during Friday morning trade. The profit slump in India's housing market occurred as soaring construction expenses overshadowed surging operational revenue. Investors pushed shares down 5.2% following the earnings release.
