Godrej Properties, the real estate arm of Godrej Group, on August 5 reported a consolidated net loss of Rs 20.23 crore for the quarter ended June 2020. The net profit was nearly Rs 90 crore in the year-ago period.
|Q1FY21 (in crores)||Q1FY20 (in crores)||Change|
- *Total Income = Sales & Operating Income + Other Income + Share of profit in Joint Venture
- **EBITDA = PBT + Interest + Depreciation + Share of profit in Joint Venture
- EBITDA: Earnings before interest, taxes, depreciation, and amortization
- PBT: Profit Before Tax
|Area Sold (sq ft.)||2,512,288||1,349,271||+86%|
|Booking Value (in crores)||1,531||897||+71%|
“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,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.
According to the Chairman, the company relied on digital sales tools to achieve robust sales during the quarter. “The current crisis will add further momentum to the process of consolidation that is underway in the sector and we will continue to focus on rapidly growing our market share,” he added.
According to the company, construction activity has resumed on almost all the sites post the lockdown and the labour strength at the end of July was at approximately 60% of pre-COVID levels.
Godrej had expected poor reported earnings and cash flows this financial year due to the lockdown and the major impact of this on its annual construction plan.
In conclusion, the company sees strong momentum in both portfolio project additions and new project launches during the rest of the financial year.