Goderj Properties hit a new high today at Rs.288 with volumes rising over 2 times. The stock continues to remain firmly in the green, at Rs.278-79 levels.

Godrej Properties posted a good set of numbers for Q3FY15, purely driven by operational efficiency. The Mumbai based property company, posted a 26% (YoY) rise in consolidated net profit at Rs.47 crore, driven largely by a strong revenue growth. Income from operations rose over two times to Rs.519 crore. The company achieved volume growth of 37% and in terms of value of sales bookings, it was up 28%.  During the quarter, the company during current Q3 saw a total booking value of Rs.548 crore while booking volume rose 37% at 7,01,729 sq ft.

The company’s operating costs during the quarter rose sharply, affecting the EBITDA. Cost of sales surged 3 times, employee costs rose 25% while other other expenses rose 50%. Total costs rose almost three times and this dented the EBITDA, which fell 25% to Rs.64 crore. Naturally, margins were also lower – down from a very good 35.3% to 12.3%. But keeping interest costs constant and a lower tax outgo helped shore up the bottomline.

The company is currently developing residential, commercial and township projects spread across 9.3 million square meters (104 million square feet) in 12 cities.