in

Emami Realty posts Rs 1 crore profit in Q1 FY22, Real Estate News, ET RealEstate

Emami Realty posts Rs 1 crore profit in Q1 FY22, Real Estate News, ET RealEstate
NEW DELHI: Emami Realty Ltd has reported nearly Rs 1 crore net profit for the first quarter of this fiscal. It had posted a net loss of Rs 8.03 crore in the year-ago period.

Net sales rose 39.5 per cent to Rs 41.97 crore during April-June 2021 from Rs 30.09 crore in the corresponding period of the previous year, the company said in a statement.

Emami Realty Managing Director & CEO Nitesh Kumar said, “…despite a subdued economic environment, Emami Realty has delivered a resilient performance”.

During Q1 FY2021, he said, net sales increased by 39.5 per cent to Rs 41.97 crore compared to Q1 FY2020, he said.

“Profit after tax increased to Rs. 0.89 crore in Q1 FY2021 as against a loss of Rs 8.03 crore on year on year basis,” Kumar added.

The improvement was attributable to operational efficiency and increased margins, he noted.

In line with its long-term strategic objective, Emami Realty said it has been monetising its land banks.

The company is planning to launch two new projects in Kolkata, the construction of which is expected to start by the end of the second quarter of this fiscal.

“Emami Realty continues to benefit from its ‘diversified project portfolio of residential, commercial and township projects, strong brand image and use of advanced business intelligence tools,” Kumar said.

With the onset of the festive season, he said the company looks forward to delivering robust growth in the coming quarters.

Emami Realty Limited has so far successfully delivered more than 24 prestigious residential and commercial projects, comprising 36 million sq ft area, primarily in Kolkata.


What do you think?

Written by Realty Beat

Leave a Reply

Your email address will not be published. Required fields are marked *

NDMC allocates seven-acre plot to private firm for C&D waste processing facility, Real Estate News, ET RealEstate

NDMC allocates seven-acre plot to private firm for C&D waste processing facility, Real Estate News, ET RealEstate

Mayfield residents to block makeshift road on clinic plot, Real Estate News, ET RealEstate

Mayfield residents to block makeshift road on clinic plot, Real Estate News, ET RealEstate