Godrej Prop posts Rs 20.23 cr loss, to raise Rs 1,000 cr via debentures

Realty firm Godrej Properties reported a consolidated net loss of Rs 20.23 crore in the April-June quarter due to COVID-19 pandemic and announced raising Rs 1,000 crore through an issue of debentures to improve liquidity.

Despite the nationwide lockdown during most part of the April-June quarter of 2020-21, Godrej Properties' sales bookings grew by 71% to Rs 1,531 crore in the quarter.

The company posted a loss during the June quarter as it was not able to recognise the revenue as construction activities were stalled due to lockdown, Godrej Properties Executive Chairman Pirojsha Godrej told reporters through a virtual press conference.

Godrej Properties net profit stood at nearly Rs 90 crore in the year-ago period.

Total income declined to Rs 195.66 crore in the first quarter of the current fiscal from Rs 713.84 crore in the corresponding period of the previous year, according to a regulatory filing.

During the last fiscal year, net profit stood at Rs 267.21 crore on a total income of Rs 2,914.59 crore.

Godrej Properties is the real estate arm of the Godrej group.

MUMBAI: Multiplex chain Inox Leisure Ltd said on Wednesday it suffered a loss of Rs 74 crore in the April to June quarter following closure of movie theatres across India by government orders to contain the spread of Covid-19.In Q1 FY20, it had reported a profit of 27 crore.

Revenue from operations came crashing down to Rs 25 lakh in Q1 FY21 from Rs 493