Unitech Q1 sales bookings drops 47% at Rs 178-cr

Realty firm Unitech's sales bookings fell by 47 per cent to Rs 178 crore during the first quarter of the current fiscal on sluggish housing demand.
It had achieved sales bookings of Rs 339 crore in the year-ago period, Unitech said in a presentation.
However, the sales bookings during April-June period on quarter-on-quarter basis was slightly higher than Rs 165 crore achieved in the previous quarter.
In volume terms, the sales bookings fell to 0.23 million sq ft during the quarter ended June from 0.66 million sq ft in the corresponding period of the last year.
Out of Rs 178 crore of sales bookings in the first quarter of current fiscal, the residential segment contributed Rs 130 crore.

Unitech, which is facing issues over delays in execution of its real estate projects, delivered 1.14 million sq ft of area in April-June period of 2015-16 financial year, highest in last six quarters.

"Handing over is in progress in 44 projects across regions. Handing over started in 2 more projects in NCR and 1 in Chennai," the presentation said.
Unitech has presence in Gurgaon, Noida, Greater Noida, Chennai and Kolkata among others.
Last week, Unitech reported a consolidated net loss of Rs 281.29 crore during the quarter ended June 30 while net debt stood at Rs 6,605 crore.
"We have a strong pipeline of projects under construction and with accelerated construction activity deliveries in the first quarter have gone up substantially," Unitech MD Sanjay Chandra had said, adding that the company was further ramping up construction activity at our various sites.

"Increased pace of construction will also lead to higher cash flows for the company, restarting the virtuous cycle of construction and related cash flows," he said .