Ansal Properties & Infrastructure (Ansal API) has reported consolidated net loss of Rs 29.18 crore for the quarter ended September 30, 2021. It had recorded net loss of Rs 29.80 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 146.10 crore in Q2 FY22, a dip of 37 per cent from Rs 231.41 crore it registered in the similar quarter last year.
Due to recession in real estate industry, Ansal API continues to face liquidity issues due to multiple repayments and statutory obligations. Covid-19 pandemic also affected liquidity in the system in the current period which is expected to continue in the next period. The company in the regulatory filing said that it is taking following actions to cope up existing uncertainty:
To make settlement with banks/lenders/investors through barter deal by offering land parcels Converting existing license of built up development in to plotting development under Deen Dayal Jan Awas Yojna (DDJAY) for quick realizations of funds
Bulk sale of plots to settle lenders shifting of existing customers in the project of other developers where ready to move inventory exist and giving land to such developers in other projects of the company approaching SBICAP ventures under SWAMIH Investment Fund for completion of construction of existing projects of the company.