SSPDL Limited Reports Widened Net Loss in Q1
SSPDL Limited, a property development company, reported a consolidated net loss of Rs 156.51 lakhs for the first quarter, up 50.3% from Rs 104.15 lakhs in the same quarter last year. Consolidated revenue fell 71.7% to Rs 16.97 lakhs. Standalone results showed a net loss of Rs 156.13 lakhs and revenue of Rs 16.94 lakhs. Total expenses remained high at Rs 173.48 lakhs (consolidated) and Rs 173.07 lakhs (standalone). The company's EPS declined to -Rs 1.21 from -Rs 0.81 year-over-year. The board approved re-appointment of Smt. Sabella Devaki Reddy as Director, appointment of new Secretarial Auditors, and decided to hold the 31st AGM via video conferencing.
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SSPDL Limited , a property development company, has reported a significant increase in its net loss for the first quarter. The company's financial performance reflects challenges in the real estate sector and reduced revenue generation.
Financial Performance
SSPDL Limited reported a consolidated net loss of Rs 156.51 lakhs for the quarter, compared to a net loss of Rs 104.15 lakhs in the corresponding quarter of the previous year. This represents a 50.3% increase in net loss year-over-year.
The company's consolidated revenue saw a substantial decline, dropping to Rs 16.97 lakhs from Rs 60.07 lakhs in the same quarter last year, marking a 71.7% decrease.
Standalone Results
On a standalone basis, SSPDL Limited's performance mirrored its consolidated results:
| Metric | Current Quarter | Previous Year Quarter |
|---|---|---|
| Net Loss | Rs 156.13 lakhs | Rs 90.63 lakhs |
| Total Revenue | Rs 16.94 lakhs | Rs 60.07 lakhs |
Expense Management
Despite the revenue decline, the company's total expenses remained relatively high:
- Consolidated total expenses: Rs 173.48 lakhs
- Standalone total expenses: Rs 173.07 lakhs
Key expense components included:
| Expense Category | Amount |
|---|---|
| Employee benefits | Rs 44.80 lakhs |
| Finance costs | Rs 63.19 lakhs |
| Depreciation and amortization | Rs 10.53 lakhs |
Per Share Earnings
The basic and diluted earnings per share (EPS) for the quarter stood at negative Rs 1.21, compared to negative Rs 0.81 in the same quarter of the previous year.
Company Overview
SSPDL Limited operates primarily in the property development segment. The company has one wholly-owned subsidiary, SSPDL Infratech Private Limited, and one associate, Northwood Properties India Private Limited.
Board Meeting and Audit Review
The financial results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings. The statutory auditors of the company have conducted a limited review of these results.
Additional Corporate Actions
In the same board meeting, SSPDL Limited also approved several other items:
- Re-appointment of Smt. Sabella Devaki Reddy as a Director, subject to retirement by rotation
- Appointment of M/s. Savita Jyoti Associates as Secretarial Auditors
- Approval of the Directors Report including Corporate Governance
- Decision to hold the 31st Annual General Meeting through video conferencing
The company's management will likely face questions about strategies to improve revenue and reduce losses in the coming quarters, given the challenging market conditions in the real estate sector.
Historical Stock Returns for SSPDL
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | -1.49% | -3.60% | +12.60% | -9.67% | +61.15% |
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