Last update:
Godrej Properties say that the net debt-to-equity ratio has been increased to 0.23.
Godrej Properties say that the company will use this fund to acquire land in major cities to expand its business.
Godrez Properties Limited has reduced its net debts by 49 percent during the latest quarter ended December after raising strong internal cash flows and equity funds. According to the company’s latest investors, its net loan was Rs 7,572 crore on September 30, 2024.
Piroja Godrej, Executive Chairman of Godrej Properties, said, “We raised Rs 6,000 crore through the Qualified Institutional Placement (QIP) Route for Growth Capital” during the third quarter. ,
He said that the pure loan-to-equity ratio of the company has been 0.23.
Pirojsha said that the company would use this fund to acquire land in major cities to expand its business.
According to the presentation, the collection of funds from customers against the pre-cells of Godrej Properties rose 27 percent to Rs 3,069 crore during the third quarter of the financial year of 2024-25, which improved the company’s internal cash flow.
Godrej Property 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 the 2024 calendar year in terms of sales booking, selling assets worth Rs 28,800 crore. Last week, the Godrej Properties reported more than 2.5 times jumping in its consolidated net profit, which was Rs 162.64 crore in the December quarter on high income amidst the demand for strong housing.
Its net profit was Rs 62.27 crore in the year-old period.
The total income in the respective periods of the previous year also doubled from doubling to Rs 1,239.97 crore.
The net profit in the April-December period during the April-December period increased to Rs 1,017.90 crore in the April-December period.
The total income in the first nine months of this financial year increased to Rs 4,285.99 crore, compared to Rs 2,419.40 crore in the respective periods of the previous year.
(This story has not been edited by News18 employees and a syndicated news agency has been published from feed – PTI,
