Godrej Properties, part of the Godrej Group, posted a loss of Rs 192 crore in Q4FY21 as compared to a profit of Rs 102 crore in Q4FY20 owing to weak home sales in top cities. The company posted a quarterly loss for the first time in the last one year. Last year, it posted a loss in the June quarter of FY20.
The company's total income fell 60 per cent to Rs 508 crore in Q4FY21 as against Rs 1,261 crore in the corresponding period last year.
However, the company said it recorded the highest ever quarterly collection of Rs 2,041 crore leading to a net operating cash flow of Rs 785 crore in Q4FY21.
In Q3FY21, its profits declined 69 per cent and revenues were down 55 per cent.
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, we are pleased to have delivered our best ever quarterly performance in terms of the value of real estate sold and cash collections generated from our customers. Given our robust launch pipeline, strong balance sheet, and interesting new project acquisition opportunities, we expect a strong FY22.”
The company launched seven new projects across four cities in Q4FY21.