Godrej Properties has reported a consolidated net loss of Rs 20.23 crore in the first quarter of this fiscal year and said it has raised Rs 1,000 crore through issue of debentures. Its net profit stood at nearly Rs 90 crore in the year-ago period. Total income also declined to Rs 195.66 crore in the first quarter of the 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.

On an operational front, Godrej Properties said its sales bookings increased to 2.51 million sq ft worth Rs 1,531 crore in the April-June quarter, as against 1.35 million sq ft worth Rs 897 crore in the year-ago period. “Raised Rs 1,000 crore in July through the allotment of unsecured, redeemable, non-convertible debentures on a private placement basis for a term of 3 years at 7.5 per cent, the lowest NCD rate achieved in the real estate industry,” the company said in a statement.

Pirojsha Godrej, Executive Chairman, Godrej Properties, 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.” He said the company’s sales team demonstrated agility by relying on digital tools to achieve strong sales thereby delivering its highest ever market share in a quarter.

“While we expect poor reported earnings and cash flows this financial year due to the lockdown and the major impact this has had on our annual construction plan, we expect strong momentum in both portfolio project additions and new project launches during the rest of the financial year,” Pirojsha said.