Godrej Properties posts Rs192 Cr loss in Q4

Godrej Properties posts Rs192 Cr loss in Q4
04/05/2021 , by , in News/Views

Godrej Properties Ltd (GPL) has posted net loss of Rs192 crore for the quarter-ended March compared with net profit of Rs102 crore in the year-ago quarter. Its total income for the fourth quarter also fell by 60% to Rs508 crore from Rs1,261 crore during the same period.

GPL in a regulatory filing on Monday also said reported the highest ever quarterly collection of Rs2,041 crore leading to net operating cash flow of Rs785 crore during the quarter.

“Our primary focus at the moment is to ensure the safety and well-being of our workforce and to do anything we can to assist the country’s response to this crisis. While the real estate sector like all parts of the economy has been impacted by the second wave, we expect the sector will continue the robust recovery it was witnessing once this crisis abates,” said Pirojsha Godrej, executive chairman, GPL.

Godrej added, “In Q4, we are pleased to have delivered our best ever quarterly performance in terms of the value of real estate sold and cash collections generated from our customers. We also successfully concluded the largest ever QIP by a real estate company in India raising Rs3,750 crore. Given our robust launch pipeline, strong balance sheet, and interesting new project acquisition opportunities, we expect a strong FY22.”

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