Unitech Ltd Reports Reduced Net Loss Amid Financial Struggles

Real estate company Unitech Ltd has reduced its net loss to Rs 738.72 crore for the September quarter, down from Rs 766.76 crore in the previous year. The company's total income rose to Rs 151.01 crore this quarter. The company continues to grapple with financial challenges and project delays.

Real estate firm Unitech Ltd has reported a reduction in its consolidated net loss, which has fallen to Rs 738.72 crore for the quarter ending in September. This marks a decrease from the Rs 766.76 crore net loss recorded in the same period last year.

According to a recent regulatory filing, the company's total income has increased significantly to Rs 151.01 crore in the second quarter of the fiscal year, compared to Rs 79.94 crore in the previous year.

In 2020, Unitech's board was replaced by the central government following a directive from the Supreme Court. The Ministry of Corporate Affairs proposed a new board, approved by the Supreme Court in January 2020. Despite some progress, Unitech Ltd continues to face severe financial difficulties, causing major delays in its housing projects, mainly in the Delhi-NCR region.

(With inputs from agencies.)