Godrej Properties posts Rs 192 crore loss in Q4

Godrej Properties said on Monday its loss totalled Rs 192 crore in Q4 FY21 due to weak home sales as compared a profit of Rs 102 crore in the same period of previous fiscal.

Total income fell by 60 per cent to Rs 508 crore as against Rs 1,261 crore in the same period. Earnings before interest, tax, depreciation and amortisation (EBITDA) cracked by 131 per cent to negative Rs 79 crore from positive Rs 253 crore.

However, the company recorded highest-ever quarterly collection of Rs 2,041 crore, leading to a net operating cash flow of Rs 785 crore in Q4 FY21.

Godrej Properties raised Rs 3,750 crore through the qualified institutional placement (QIP) route in the quarter ended March to tide over liquidity challenges posed by the onset of COVID-19 pandemic.

Executive Chairman Pirojsha Godrej said while the real estate sector like all parts of the economy has been impacted by the second wave, the company expects the sector will continue the robust recovery it was witnessing once this crisis abates.

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

( With inputs from ANI )