BackGodrej Properties posts net loss of ₹20 crore in Q1, raises ₹1,000 crore via debentures
Godrej Properties total income also declined to ₹195.66 crore in the first quarter of the fiscal from ₹713.84 crore in the corresponding period of the previous year
PremiumNEW DELHI : Realty firm Godrej Properties on Wednesday reported a consolidated net loss of ₹20.23 crore in the first quarter of this fiscal year and said it has raised ₹1,000 crore through issue of debentures.
Its net profit stood at nearly ₹90 crore in the year-ago period.
Total income also declined to ₹195.66 crore in the first quarter of the fiscal from ₹713.84 crore in the corresponding period of the previous year, according to a regulatory filing.
During the last fiscal year, net profit stood at ₹267.21 crore on a total income of ₹2,914.59 crore.
Godrej Properties is the real estate arm of the Godrej group.
On operational front, Godrej Properties said its sales bookings increased to 2.51 million sq ft worth ₹1,531 crore in the April-June quarter, as against 1.35 million sq ft worth ₹897 crore in the year-ago period.
"Raised ₹1,000 crore in July through the allotment of unsecured, redeemable, non-convertible debentures on a private placement basis for a term of 3 years at 7.5 per cent, the lowest NCD rate achieved in the real estate industry," the company said in a statement.
Pirojsha Godrej, Executive Chairman, Godrej Properties, said: "With the lockdown in place for most of the quarter, construction activities during the period were extremely limited leading to almost no revenue recognition and to poor operating cash flows."
He said the company's sales team demonstrated agility by relying on digital tools to achieve strong sales thereby delivering its highest ever market share in a quarter.
"While we expect poor reported earnings and cash flows this financial year due to the lockdown and the major impact this has had on our annual construction plan, we expect strong momentum in both portfolio project additions and new project launches during the rest of the financial year," Pirojsha said.
The current crisis will add further momentum to the process of consolidation that is underway in the sector, he said, adding that the company would continue to focus on rapidly growing market share.
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!
