Unitech posts Rs 162.54 cr net loss in Q4 of FY'15

Realty firm Unitech on Friday reported consolidated net loss of Rs 162.54 crore for the fourth quarter of last fiscal on lower sales and higher expenditure.

New Delhi: Realty firm Unitech on Friday reported consolidated net loss of Rs 162.54 crore for the fourth quarter of last fiscal on lower sales and higher expenditure.

Its net loss was Rs 51.55 crore in the year-ago period, Gurgaon-based developer said in a statement.

Income from operations fell 22 percent to Rs 813.22 crore during January-March quarter of 2014-15 fiscal, from Rs 1,037.88 crore in the corresponding period of the previous financial year.

Unitech's total expenditure increased to Rs 1,144 crore, from Rs 995 crore during the period under review.

For the full 2014-15 fiscal, the net loss stood at Rs 128.33 crore against a net profit of Rs 69.74 crore in the previous year.

Income from operations increased to Rs 3,431.18 crore in the last fiscal from Rs 2,953.44 crore in 2013-14.

Unitech MD Sanjay Chandra said: "The slowdown in the real estate sector has prolonged more than expected. Though green shoots of recovery can be seen in some segments and in certain pockets of the country, a more widespread and sustained recovery is yet to take hold of the sector."

The company is concentrating on completing existing projects, he added.

"With inflation in check and the lending rates expected to moderate further, I expect a gradual improvement in demand for property during the course of this financial year," Chandra said.

In the last fiscal, Unitech achieved sales bookings of 1.30 million sq ft worth Rs 828 crore.

The company launched projects totalling an area of 0.64 million sq ft and delivered 3.16 million sq ft of completed area.

"The Company's consolidated net debt as of 31st March, 2015 was Rs 6,332.40 crore. Net debt to equity ratio as of 31st March, 2015 was 0.58," Unitech said.

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