During the first quarter of the financial year 2020-21 Godrej properties (GPL) had to bear a loss of Rs 20.23 crore about which they reported it clearly. While in a BSE filing the company stated during the corresponding quarter of previous year their profit after tax (PAT) was placed at Rs 89.87crore.
The company’s total combined revenue in Q1 FY21 was at Rs 195.68 crore which similarly was recorded in the quarter last year that it immersed to 73% of Rs 713.84 crore.
Pirojsha Godrej the executive chairman of Godrej Properties in his statement said that furthermore strength will be input by the ongoing crisis for the procedure of consolidation which is developing and will be continuing to focus on rapidly improving the market share.
In the initial stage of the lockdown the new projects stood as it is which resulted in failure to achieve revenue recognition as there was limited construction at that moment.
While in an investor presentation the company said that cash collection was greatly impacted which rely on the construction milestones and led to loss of accounts and cash flow that was negatively operated.
Post the lockdown, construction activity has mostly started all over the sites and also it has increased the workforce strength uniformly.
Whereas as per recognition, on June 30, 2020 net debt of Godrej Properties stood at Rs 1,752 crore and net worth is Rs 4,784 crore. While a year prior (30 June 2019) the net debt was Rs 932 crore and net worth was Rs 4,620 crore.
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