Unitech sales bookings rise 16% to Rs 963 cr in FY16

Realty firm Unitech's sales bookings increased 16% to Rs 963 crore last fiscal on higher realisation from non-residential segment.

Unitech had sold properties worth Rs 828 crore in 2014-15 fiscal, according to a company presentation.

The company had recently reported a consolidated net loss of Rs 902.69 crore on a turnover of Rs 2,072.27 crore during the 2015-16 fiscal. Net debt stood at Rs 7,165.70 crore at the end of the last fiscal with a debt to equity ratio of 0.71.

As per the presentation, the sales bookings in volume terms fell to 1.28 million sq ft last fiscal from 1.3 million sq ft in the previous year.

The sales bookings in value term increased on the back of higher average sales realisation, which went up to Rs 7,501 per sq ft during last fiscal as against Rs 6,369 per sq ft in 2014-15.

Of the total sales bookings, housing segment contributed 0.90 million sq ft valued at Rs 477 crore while the non-residential segment accounted for 0.38 million sq ft valued at Rs 487 crore with average sales realisation of Rs 12,771 per sq ft.

In terms of location, Gurgaon market contributed 53%to the sales bookings followed by Noida and Greater Noida market at 35 per cent.

Unitech had launched 1.29 million sq ft area for sale during last fiscal, while it delivered 3.99 million sq ft area.

The company is facing a liquidity crunch due to slowdown in the real estate market, particularly housing segment. It has been facing consumer complaints and protest due to delay in completion of some of its projects.

"The company's focus during the year has been primarily on completing the ongoing projects. Balance expected receipts from these ongoing projects combined are sufficient not only to meet the remaining construction expense but to also to service the debt, if any, against these projects," Unitech MD Sanjay Chandra had said after the quartely result.

The company has been taking various steps like creation of project specific escrow accounts, to boost customer confidence and improve collections so as to generate liquidity needed for completing these projects, he had said.