We’re well placed to face challenges, says Pirojsha

Realty firm logs pre-tax loss of ~14.69 crore in Q1

Godrej Properties is seeing reasonable valuation from its partners in j oint development (JD) or joint venture proposals, said its Chairman Pirojsha Godrej in a video call with journalists on Wednesday.

“Many developers were facing challenging situations even before the Covid-19 pandemic. The current situation is increasing opportunities and we are well placed to use them,” affirmed Godrej.

The company raised ~1,000 crore through the issuance of non-convertible debentures.

On the use of funds, he said: “We have acquired many land parcels and signed JDS. We have to launch them. We are looking at new opportunities and invest in them,” he said.

He said the company would look at both organic and inorganic opportunities for growth.

Godrej said he is bullish on the medium- and longterm prospects for residential real estate.

“Short-term is difficult to predict. We are going through a tough year,” he said.

The company on Wednesday posted a pre-tax loss of ~14.69 crore in the June quarter of 2020-21, compared to a profit before tax of ~140 crore in the first quarter of 2019-20.

Godrej said: “With the lockdown in place for most of the quarter, construction activities during the period were extremely limited, leading to almost no revenue recognition and to poor operating cash flows. At the same time, our teams demonstrated agility by relying on digital sales tools to achieve strong sales, thereby delivering our highest-ever market share in a quarter.”

“The current crisis will add further momentum to the process of consolidation that is underway in the sector and we will continue to focus on rapidly growing our market share,” he

added.

“WE HAVE ACQUIRED MANY LAND PARCELS AND SIGNED JOINT DEVELOPMENT PROJECTS. WE HAVE TO LAUNCH THEM. WE ARE LOOKING AT NEW OPPORTUNITIES AND INVEST IN THEM” Pirojsha Godrej

Chairman, Godrej Properties