You are here: Home » Companies » Results
Business Standard

Godrej Properties posts loss of Rs 192 cr in Q4, total income falls 60%

The company said it recorded the highest ever quarterly collection of Rs 2,041 crore

Godrej Properties | Godrej Group | Pirojsha Godrej

BS Reporter  |  Mumbai 

Godrej Properties
Godrej Nest in Noida

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, 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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, May 03 2021. 13:14 IST