Godrej Properties Q4 Results: Rs 192-Crore Loss; Revenue Slumps 63%
Godrej Properties Ltd. suffered a loss and its revenue slumped in the quarter ended March even as booking volumes increased.
The real estate developer’s revenue from operations tumbled 63% over a year earlier to Rs 432.64 crore in the January-March period, according to its exchange filing.
Total income, including other income, fell 60% year-on-year at Rs 508 crore.
Net loss stood at Rs 191.62 crore against a net profit of Rs 102.39 crore a year ago.
Total booking value rose 10% year-on-year to Rs 2,632 crore.
Booking volume increased 16% year-on-year to 41.77 lakh square feet.
The company, in its investor presentation, said it has launched seven new projects/phases in the fourth quarter. It also added four new residential projects (two in Mumbai Metropolitan Region and two in Bengaluru) with a saleable area of about 6.0 million sq. ft. in fiscal 2020-21.
In March, the company had raised Rs 3,750 crore through qualified institutional placement. “The proceeds will be used to fund growth opportunities ahead and the equity raise was specifically timed to take advantage of a likely cyclical upturn in the real estate sector,” Godrej Properties said in its presentation.
Godrej Properties added one new residential project in Mumbai Metropolitan Region with a saleable area of about 0.4 million sq. ft. in Q4 FY21.
It posted highest-ever quarterly collection of Rs 2,041 crore, leading to net operating cash flow of Rs 785 crore in Q4 FY21.
The company delivered 2.3 million sq. ft. in three projects in Q4 FY21.
“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,” Pirojsha Godrej, executive chairman at Godrej Properties, was quoted as saying in the statement accompanying the investor presentation. “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.”