Consolidated net profit for quarter ended March 31st 2021 stood at Rs 0.54 crore as compared to a loss of Rs 126.39 crore posted in the quarter ended March 31st 2020.
The company during the 12 months sold 2.73 million sq ft valued at Rs 2051 crore in comparison with 4.99 mn sq ft valued at Rs 1738.75 crore in the same period last year. Major sales include Delhi, Ludhiana, Lucknow and New Chandigarh amongst others.
Company has delivered 2.71 mn sq ft in FY21 against 6.51 mn sq.ft in FY20. Major deliveries are in Noida, Greater Noida, New Chandigarh, Indore, Ludhiana, Jaipur and Palwal.
“The COVID-19 induced lockdown brought the economy to a complete standstill leading to a disruption in cash flows, customer sentiments and stoppage in construction activities due to migration of labours thereby heavily impacting the real estate sector in the first half. In the second half, on the back of low interest rates and bottomed out property prices, demand was restored across several sectors of the economy including real estate but the overall impact of COVID was severely felt on the real estate sector,” said Rajan Gupta, Vice President (Business Development & Corporate Strategy),
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Gupta said that the company’s good brand equity in tier 2/3 cities helped its projects in Delhi, Ludhiana, Lucknow and New Chandigarh perform as per its potential.
“These centres will be a propeller for future demand, construction, possession and strategic project expansion of the company going forward,” he added.
The company delivered 2.71 million sq ft across various projects in FY21. The company also provided financial incentives to customers facing difficulties during the year.
“The first quarter of FY 2021-22 is expected to be severely impacted due to the restricted lockdowns imposed by various state governments as a result of the second wave of COVID-19 pandemic. Going forward, an immediate revival of demand like last year looks unlikely since consumers are cautious in their purchases due to emotional and financial disruption,” Gupta said.
