Godrej Properties posts Rs 191.6 crore loss in Q4 of FY21

New Delhi: Realty firm Godrej Properties on Monday reported a consolidated net loss of Rs 191.62 crore for the quarter ended March on lower income, even as it achieved record sales bookings of Rs 2,632 crore. The company had posted a net profit of Rs 102.39 crore in the year-ago period.

Total income fell to Rs 576.08 crore in the fourth quarter of last fiscal, from Rs 1,288.17 crore in the corresponding period of the previous year, Godrej Properties said in a regulatory filing.

In the full 2020-21 financial year, the company reported a net loss of Rs 189.43 crore, as against a net profit of Rs 273.94 crore in the previous fiscal.

Total income declined to Rs 1,333.09 crore in the 2020-21 fiscal, from Rs 2,914.59 crore in the previous year.
On operational performance, Godrej Properties said its total sales booking grew 10% year-on-year at Rs 2,632 crore during the January-March period of last fiscal year. Total sales booking rose 14% to Rs 6,725 crore, an all-time high, during the last financial year.

Pirojsha Godrej, Executive Chairman, Godrej Properties, said: “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.” In Q4, he said the company delivered best-ever quarterly performance in terms of the value of real estate sold and cash collections generated from customers.

“Given our robust launch pipeline, strong balance sheet, and interesting new project acquisition opportunities, we expect a strong FY22,” he said.

Mumbai-based Godrej Properties is a real estate arm of the business conglomerate Godrej group.