Emami Realty on Wednesday reported a consolidated net loss of Rs 12.50 crore for the quarter ended March on lower-income amid the COVID pandemic. It had posted a net loss of Rs 19.18 crore in the year-ago period.
Total income declined to Rs 77.58 crore in the fourth quarter of the last fiscal from Rs 154.41 crore in the corresponding period of the previous year, according to a regulatory filing.
Emami Realty posted a net loss of Rs 0.49 crore last fiscal year against a net loss of Rs 114.48 crore in the 2019-20 financial year.
Total income fell to Rs 317.91 crore in the 2020-21 fiscal year from Rs 1,082.54 crore in the previous year.
On Tuesday, Emami Realty said it will develop a 40-acre township in Kolkata at an estimated project cost of Rs 300 crore.
The company is launching 525 plots for sale in this township project, located at Bhasa, near Joka in Kolkata. “We are planning to launch a premium bungalow township. We had an old land bank in the city and now we are going to monetise these land banks,” Emami Realty Managing Director and Chief Executive Officer Nitesh Kumar told .
The company has decided to go ahead with the planned launch despite the Covid-19 pandemic, he added.
Emami Realty Ltd, the real estate arm of Kolkata-based Emami group, has a pan India presence with over 36 million square feet of development at different stages of planning, construction, and delivery across West Bengal, Uttar Pradesh, Tamil Nadu, Andhra Pradesh, Orissa, Maharashtra, and Sri Lanka.
These projects are being executed under various special purpose vehicles (SPVs) and joint ventures (JVs).
