Unitech's sales booking up 25% to Rs 832 cr in Apr-Dec FY16

Realty firm Unitech's sales increased by 25 per cent to Rs 832 crore during the April-December period of the current fiscal, driven by higher sales realisation.
The company yesterday reported a consolidated net loss of Rs 16.10 crore for the quarter ended December on sharp rise in finance cost.
Income from operations fell by 42 per cent to Rs 408.74 crore in the third quarter of this fiscal.
According to an analyst presentation, Unitech sold 1.14 million sq ft of area for Rs 832 crore in the April-December period of 2015-16.
The Gurgaon-based developer had sold 1.11 million sq ft for about Rs 663 crore in the same period last fiscal.

With sales in terms of volume remaining flat, the company's sales booking increased on the back of higher sales realisation, which rose to an average Rs 7,316 per sq ft from Rs 6,027 per sq ft in the review period.

Unitech's consolidated net debt as of December 31, 2015 stood at Rs 6,802.05 crore. Net debt to equity ratio was 0.64.
"In a difficult market environment, company is continuing with its efforts on multiple fronts to improve the cash flow," Unitech Managing Director Sanjay Chandra had said.
Increasing the construction spends at its ongoing projects and delivering the finished product remains the primary objective of the company, he added.

"The company has also made certain organisational changes to give sharper management focus to individual projects. These changes should result in further accelerating the delivery by resolving project specific issues in a focused manner," Chandra said.
The organisational changes have been made as Unitech has been facing consumer complaints and protest due to delay in completion of some projects.