Unitech Q2 net loss widens to Rs65.82 cr
Finance cost rose to `96.30 cr during the quarter from `3.44 cr in the year-ago period, while expenses rose to `680.20 cr from `408.85 cr a year ago
New Delhi: Realty firm Unitech Ltd on Saturday reported a consolidated net loss of ₹ 65.82 crore for the quarter ended September on higher finance cost and operational expenses. Its net loss was at ₹ 14.69 crore in the year-ago period, Gurgaon-based Unitech said in a statement.
Net sales, however, rose to ₹ 683.89 crore in the quarter from ₹ 386.19 crore in the year-ago period.
While finance cost increased to ₹ 96.30 crore during the quarter under review from ₹ 3.44 crore in the year-ago period, its expenses rose to ₹ 680.20 crore from ₹ 408.85 crore a year ago.
Managing director Sanjay Chandra said: “Increasing the pace of construction at our ongoing projects and accelerating the delivery of finished product are the key priorities for the company. Steps initiated to overcome the liquidity constraint have gradually started yielding results and should progressively ease the tight cash flow situation."
The demand for non-residential property continues to be robust, he said, adding that a 600,000 sq. ft mall in Noida became operational during the quarter and was receiving strong response from clients.
“Enquiries for office space continue to flow in from both existing as well as new clients. These developments coupled with the improving macroeconomic scenario make us sanguine with regard to the demand for residential property which has been sluggish for a while," Chandra said.
The company’s consolidated net debt stood at ₹ 6,674 crore as on 30 September. Net debt to equity ratio as of was 0.63. PTI
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!