Are Godrej Propert. latest results good or bad?

Godrej Properties has reported its financial results for the quarter ending March 2025, showcasing a notable growth trajectory. The net sales for this quarter reached Rs 2,121.73 crore, reflecting a significant increase compared to the average of the previous four quarters. This performance indicates a robust operational improvement in the company's sales activities.
Profit Before Tax (PBT) also demonstrated substantial growth, rising to Rs 7.55 crore, a marked contrast to the average PBT from the prior four quarters, which was negative. Additionally, the Profit After Tax (PAT) for the nine-month period stood at Rs 879.84 crore, indicating a year-on-year growth.

The company's efficiency in managing receivables is highlighted by a Debtors Turnover Ratio of 11.35 times, the highest recorded in the last five half-yearly periods. Furthermore, Godrej Properties reported cash and cash equivalents of Rs 5,385.79 crore, suggesting an enhancement in short-term liquidity.

However, it is important to note that a significant portion of the PBT, approximately 98.67%, stemmed from non-operating income, which raises questions regarding the sustainability of the company's core business model.

In light of these results, the company saw an adjustment in its evaluation, reflecting the operational trends observed in its latest financial performance.