During the first quarter of the financial year 2020-2021, the realty Godrej Properties ( GPL) saw a loss of Rs. 20.23 crore. This loss was reported on 1st June 2020. The net sales of the GPL have collapsed from 88.63% to Rs. 72.29 crore in Q1 June.
The company observed an amount of Rs. 1531 crore of the total booking of a volume of 2.51 m square feet in comparison with the entire booking value of Rs. 897 crore and the total booking value of 1.35 million square feet in Q1 June 2019.
After the lockdown, almost all the construction activities on almost all the sites have resumed. The workforce strength is gradually increasing and was about the fourth one of the pre – COVID -19 strength at the end of the quarter, the company told in an investor presentation.
“ Due to the lockdown, there was very limited construction during the quarter and as a result, no new projects achieved revenue recognition.
Cash collections which depend on construction milestone were also impacted, this lead to an accounting loss and negative operating cash flow for the quarter, the investor presentation added. On 30th June 2020, the net debt of the Godrej properties was Rs. 1,752 crore. Last year on 30th June 2019 it was Rs. 932 crore. While the net worth of the company on 30th June 2019 was Rs. 4620 crore and now on 30th June 2020 it had increased to Rs. 4784 crore.
Godrej Properties (GPL) is a real estate arm of the Godrej Group. During the last fiscal year, the company was profiled by Rs. 267.21 crores out of the total income of Rs. 2,914.59 crore. The company’s booking value increases year by year by about 71 percent to Rs. 1,531 crore.