Unitech Financial Results For The Quarter Ended 30th Jun 2016 (Consolidated)

Unitech, India's leading real-estate developer, today announced its consolidated financial results for the Quarter ended 30th June 2016. Total Income for the Quarter was Rs. 487.88 Crore Net Loss for the Quarter was Rs. 43.18 Crore. Company has achieved sales bookings of 2.00 million sq ft valued at Rs. 362 Crore during Q1 FY16 and delivered 2.35 million sq ft of completed property during Q1 FY16. Company's consolidated net debt as of 30th Jun'16 was Rs. 5265 Crore. Net debt to equity ratio as of 30th Jun'16 was 0.58.

Gurgaon, Haryana, September 14, 2016 /India PRwire/ -- Unitech, India's leading business group involved in large-scale integrated real-estate development and infrastructure projects, today announced its consolidated financial results for the Quarter ended 30th June 2016. The company recorded a total income of Rs. 487.88 Crore with a net loss of Rs. 43.18 Crore for the Quarter ended 30th June 2016. In the previous quarter ended June 2015 the net income of the company was Rs. 381.43 crore with a net loss of Rs. 279.45 crore. The Net Loss of the company narrowed from Rs. 279.45 crore to Rs. 43.18 Crore.

Financial Results For The Quarter Ended 30th Jun 2016 (Consolidated)

  • Total Income for the Quarter was Rs. 487.88 Crore
  • Net Loss for the Quarter was Rs. 43.18 Crore
  • Achieved sales bookings of 2.00 million sq ft valued at Rs. 362 Crore during Q1 FY16
  • Delivered 2.35 million sq ft of completed property during Q1 FY16

The Earning per Share (EPS) for the Quarter ended 30th June 2016 stood at Rs. (0.17) on an equity base of Rs. 523.26 Crore. Total paid up capital is represented by 261.63 Crore equity shares of Rs. 2 each.

Company's consolidated net debt as of 30th Jun'16 was Rs. 5265 Crore. Net debt to equity ratio as of 30th Jun'16 was 0.58.

Announcing the results, Mr. Ajay Chandra, Managing Director, Unitech Ltd. said, "Company's focus is firmly on completing and delivering the ongoing projects in an expeditious manner. Towards this end, company has been continuously engaging with its customers, bankers and local administration to create project specific escrow mechanisms to ensure that the balance payments received from the customers of a project are utilized only towards completion of that project. Some projects in which such mechanisms have already been put in place have started yielding positive results. This has been possible primarily due to the collaborative approach adopted by the customers of these projects and the support received from the banks. There is complete transparency in the whole process and the banks, customer associations & the company are monitoring the progress jointly. Worker strength at these project sites has increased significantly. The success of this template is encouraging customers of other projects also to jointly work with the company and create similar escrow mechanisms for those projects. Recently, Hon'ble Delhi High Court also observed that the interest of a large majority of customers is better served by completing the ongoing projects and delivering the finished product to them. Accordingly, the Hon'ble High Court directed the company to create escrow mechanisms for all its projects wherein 100% of the collections from the customers are to be retained in the escrow and utilized exclusively for that project. This order is more stringent than even the provisions of the recently enacted Real Estate Regulator Act (RERA), thus adequately safeguarding the interests of the customers. Company will work, in collaboration with its customers, towards creating escrow mechanisms for all its projects in an expeditious manner with a view to accelerating the pace of completion and delivery of all ongoing projects."

Key operational highlights for the Quarter ended 30th Jun'16 are

  • Achieved sales bookings of 2 million sq. ft.
  • Launched projects totaling an area of 1.75 million sq. ft. during Q1 FY16
  • Residential sales bookings of 0.16 million sq. ft. valued at Rs. 81 Crore
  • Non-residential sales bookings of 1.84 million sq. ft. valued at Rs. 281 Crore
  • Total value of Sales bookings is Rs. 362 Crore
  • Delivered 2.35 million sq ft of completed area.

Notes to Editor

About Unitech

For more information on the company, please visit www.unitechgroup.com

Forward Looking Statement

This document contains statements about future events and expectations that are forward-looking statements. These statements typically contain words such as "expects" and 'anticipates" and words of similar import. Any statement in this document that is not a statement of historical fact is a forward looking statement that involves known or unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the document. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

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