Valor Estate Q1 Loss Narrows, Eyes Rs 6,000 Cr from Joint Projects

New Delhi, Aug 16 (PTI) Realty firm Valor Estate Ltd has posted a consolidated net loss of Rs 13.60 crore in the first quarter of this fiscal year on higher expenses and eyes Rs 6,000 crore revenue from joint developments with L&T Realty and Lodha Group.

Its net loss stood at Rs 22.54 crore in the year-ago period.

Total income rose to Rs 93.12 crore in April-June period of this fiscal year from Rs 8.69 crore in the year-ago period, according to a regulatory filing on Augsut 13.

The company's total expenses jumped to Rs 108.99 crore from Rs 33.06 crore.

Valor Estate Ltd, formerly DB Realty Ltd, is one of the leading real estate developers in Mumbai, has an existing portfolio of 100 million square fete of real estate, and is focusing on residential and commercial developments.

The company said it has "recently executed binding agreements...with L&T Realty and Lodha Group to develop 5.7 million square feet carpet area with Rs 6,000 crore potential revenue to Valor Estate".

Shahid Balwa, Vice Chairman and Managing Director, said, "In the past three months, we have inked agreements with Lodha and L&T, set to bring in Rs 6,000 crore revenues for the company."

In the months ahead, he said the company aims to establish more such partnerships to unlock the potential of its 600+ acres of land.

"At the same time, we plan to acquire interests in one or two additional urban renewal projects, which we hope will come to fruition within the next few financial quarters. Our pivot towards a robust balance sheet continues, with notable strides in key projects such as Aerocity Delhi and Empire Worli. We believe the actualization of these efforts will become self-evident in the upcoming financial quarters," Balwa said.

Valor Estate said that it has 15.5 million square feet of saleable residential and 2.3 million square feet of commercial properties under various stages of development. The potential revenue or area share to the company is estimated at Rs 13,650 crore.

The company said it has partnered with developers like Prestige Estates, Adani Realty, Lodha Group and L&T Realty.