Emami Realty’s consolidated net loss in March quarter widened to Rs 19.14 crore as compared to the year-ago period, the company said in a regulatory filing.
It also announced elevation of Nitesh Kumar Gupta as MD & CEO of the company.
The company’s net loss stood at Rs 1.52 crore crore in January-March 2018-19, the filing said.
Total revenue rose to Rs 154.41 crore in the quarter under review as against Rs 84.40 crore in the year-ago period.
For 2019-20, the realty firm posted a net loss of Rs 114.44 crore. In the preceding financial year, it clocked a net profit of Rs 49 lakh.
Total income rose to Rs 1,082.54 crore in 2019-20 from Rs 196.67 crore in the previous fiscal.
The company’s board in a meeting held on Tuesday also approved the elevation of Nitesh Kumar Gupta to the position of Managing Director and CEO.
Gupta, who became the CEO of the company a few years ago, has an experience of nearly 30 years, mostly in the real estate sector.
The board also approved the appointment of Rajendra Agarwal as the Chief Financial Officer.
Emami Realty recently announced that it would invest nearly Rs 225 crore to develop a 100-acre integrated township at Jhansi in Uttar Pradesh.
The company will develop the township ‘Emami Nature’ in two phases. The first phase comprising 54 acres has been launched.
The township will have a total built-up area of 48.66 lakh sq ft, of which 27 lakh sq ft will be part of the first phase.
Emami Group has so far delivered more than 24 prestigious residential and commercial projects, comprising 36 million sq ft area, primarily in Kolkata.
At present, it is developing projects mainly in Kolkata, Mumbai, Coimbatore and Chennai.