Unitech June quarter loss narrows to Rs44.82 crore
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Bengaluru: Real estate firm Unitech Ltd posted a net loss of Rs.44.82 crore in the June quarter compared to a loss of Rs.279.63 crore in the corresponding quarter a year ago.
Its revenue increased 27.9% to Rs.487.87 crore during the period.
The results were announced late on Wednesday night on the NSE. Unitech’s net debt as of 30 June is Rs.5,265 crore.
“The company’s focus is firmly on completing and delivering the ongoing projects in an expeditious manner. Towards this end, the company has been continuously engaging with its customers, bankers and local administration to create project-specific escrow mechanisms to ensure that the balance payments received from the customers of a project are utilized only towards completion of that project,” said Ajay Chandra, managing director, Unitech, in a statement.
Chandra further said that there is complete transparency in the whole process and banks, customer associations and the company are monitoring the progress jointly.
“Recently, Delhi High Court also observed that the interest of a large majority of customers is better served by completing the ongoing projects and delivering the finished product to them. Accordingly, the High Court directed the company to create escrow mechanisms for all its projects wherein 100% of the collections from the customers are to be retained in the escrow and utilized exclusively for that project. This order is more stringent than even the provisions of the recently enacted Real Estate Regulator Act (RERA), thus adequately safeguarding the interests of the customers,” he said.
During the quarter, Unitech said it has delivered 2.35 million sq. ft of completed area, achieved sales bookings of 2 million sq.ft at a value of Rs.362 crore and launched projects of 1.75 million sq.ft.
At 10am, Unitech Ltd was trading at Rs.6.31 on BSE, up 3.6% from previous close while India’s benchmark Sensex Index rose 0.02% to 28377.96 points.