Shares of Godrej Properties cracked over 3 per cent after the company reported a consolidated net loss of Rs 20.23 crore for the quarter ended June 30.
The real estate major had posted a profit of Rs 89.87 crore in the corresponding quarter last year.
Consolidated revenue from operations declined 88.63 per cent YoY to Rs 72.29 crore during the quarter under review against Rs 635.88 crore in the same period last year.
The scrip traded 3.09 per cent lower at Rs 902.45 at around 12.30 pm (IST), while the benchmark BSE Sensex traded 0.09 per cent higher at 37,722 at around the same time.
Shares of Godrej Properties advance 44 per cent during April-June, while the benchmark BSE Sensex gained 18 per cent during the same period.
Real estate being highly cyclical has been hit hard by the Covid-19 pandemic. The first two months of Q1FY21 were nearly a washout with realty companies adopting the digital way of doing business, according to HDFC Securities. It added that things have improved from June-20 and, with partial aid from online channels.