Godrej Properties Net Debt Rises 20% in June Quarter

New Delhi, Aug 5 (PTI) Realty firm Godrej Properties' net debt rose 20 per cent during the June quarter to Rs 7,432 crore mainly due to higher capital expenditure on land purchases and construction activities.

According to an investor presentation, the company's net debt stood at Rs 7,432 crore at the end of the first quarter of this fiscal year as against Rs 6,198 crore as on March 31, 2024. The debt-equity ratio has increased to 0.71:1 from 0.62:1 during the period under review.

Godrej Properties Executive Chairperson Pirojsha Godrej said the net debt level is at a comfortable level and the debt-equity ratio is also as per the guidance given by the company.

Last week, Godrej Properties reported a more than four-fold jump in consolidated net profit to Rs 520.05 crore in the first quarter of this fiscal year from Rs 124.94 crore in the year-ago period.

The total income grew to Rs 1,699.48 crore during the April-June period of 2024-25 fiscal from Rs 1,265.98 crore in the corresponding period of the previous year, according to a regulatory filing.

The total expenses fell to Rs 921.45 crore from Rs 1,121.89 crore during the period under review.

On operational performance, Godrej Properties clocked nearly four times increase in sales bookings to Rs 8,637 crore during the June quarter as against Rs 2,254 crore in the year-ago period amid strong housing demand.

This is the company's highest-ever quarterly sales for the June quarter and its second highest quarterly sales ever.

Pirojsha Godrej had said the company "delivered another robust quarter registering a multi-fold growth in bookings, operating cashflows, and earnings."

"The residential real estate sector in India has been strong over the past three years and we believe the sectoral tailwinds will continue over the next few years," he added.

Pirojsha exuded confidence that the company would achieve its sales bookings target of Rs 27,000 crore for the current fiscal year.

"The significant levels of business development we have executed in previous years at favourable terms continue to allow us to scale our bookings and in turn our earnings. With a robust launch pipeline, strong balance sheet, and resilient demand, we are on track to achieve our bookings target of Rs 27,000 crore in 2024-25 while also achieving our highest ever deliveries and collections performance," he said.

Godrej Properties is one of the leading real estate developers in the country.

It has a major presence in the Delhi-NCR (National Capital Region), Mumbai Metropolitan Region (MMR), Pune and Bengaluru markets.

In the previous financial year, Godrej Properties emerged as the largest listed real estate firm in terms of sales bookings by selling properties worth over Rs 22,000 crore.