Godrej Properties Net Debt Down 49% in Q3

New Delhi, Feb 8 (PTI) Godrej Properties Ltd has reduced its net debt by 49 per cent to Rs 3,848 crore during the latest quarter ended December on the back of strong internal cash flow and equity fund raising.

Its net debt stood at Rs 7,572 crore as on September 30, 2024, according to the company's latest investors presentation.

Pirojsha Godrej, Executive Chairperson of Godrej Properties, said, "We raised Rs 6,000 crore during the third quarter through Qualified Institutional Placement (QIP) route for growth capital".

The company's net debt-to-equity ratio has come down to 0.23, he added.

Pirojsha said the company would be utilizing this fund to acquire land across major cities to expand its business.

As per the presentation, Godrej Properties' collections of funds from customers against pre-sales rose 27 per cent to Rs 3,069 crore during the third quarter of the 2024-25 fiscal, thereby improving the company's internal cash flow situation.

Godrej Properties is one of the leading real estate developers in the country with a significant presence in Mumbai Metropolitan Region (MMR), Pune, Delhi-NCR and Bengaluru.

The company has emerged as the largest listed real estate developer during 2024 calendar year in terms of sales bookings, by selling properties worth Rs 28,800 crore. Last week, Godrej Properties reported a more than 2.5-fold jump in its consolidated net profit to Rs 162.64 crore in the December quarter on higher income amid strong housing demand.

Its net profit stood at Rs 62.27 crore in the year-ago period.

Total income also more than doubled to Rs 1,239.97 crore from Rs 548.31 crore in the corresponding period of the preceding year.

Net profit surged to Rs 1,017.90 crore in the April-December period of 2024-25 fiscal from Rs 254.01 crore in the year-ago period.

Total income rose to Rs 4,285.99 crore in the first nine months of this fiscal against Rs 2,419.40 crore in the corresponding period of the preceding year.