New Delhi: Godrej Properties' net debt increased by 20 pc in the June quarter to Rs 7,432 crore primarily because of higher spending on acquiring land and construction projects. As per an investor presentation, the company had a net debt of Rs 7,432 crore by the end of the first quarter of the current fiscal year, compared to Rs 6,198 crore on March 31, 2024. During the period being assessed, the debt-equity ratio rose from 0.62:1 to 0.71:1.
Pirojsha Godrej, the Chairman of Godrej Properties, stated that the net debt and debt-equity ratio are both in line with the company's guidelines and at a satisfactory level. Last week, there was a significant increase in Godrej Properties' consolidated net profit to Rs 520.05 crore in the first quarter of this fiscal year from Rs 124.94 crore in the previous year. According to a regulatory filing, the total revenue increased to Rs 1,699.48 crore in the April-June quarter of the 2024-25 fiscal year, up from Rs 1,265.98 crore in the same period of the previous year.
Total costs decreased to Rs 921.45 crore from Rs 1,121.89 crore in the time frame being analyzed. During the June quarter, Godrej Properties saw a sales bookings increase of almost four times to Rs 8,637 crore, compared to Rs 2,254 crore in the previous year, due to high housing demand. This marks the company's best sales performance ever in a single quarter, which was for the June quarter, and its second best quarterly sales ever.
The substantial progress we have made in growing our business in previous years at advantageous terms still enables us to increase our bookings and subsequently our profits. He commented that we are on course to meet our goal of achieving Rs 27,000 crore in bookings by 2024-25, as well as surpassing our previous records for deliveries and collections, thanks to a solid launch pipeline, a healthy balance sheet, and strong demand.
Godrej Properties is among the top real estate developers in the nation. It plays a significant role in the Delhi-NCR, Mumbai Metropolitan Region, Pune, and Bengaluru markets. During the last fiscal year, Godrej Properties became the leading publicly traded real estate company by selling properties valued at more than Rs 22,000 crore in sales bookings
Pirojsha Godrej mentioned that the company had a strong quarter with significant growth in bookings, operating cashflows, and earnings. He said the real estate market has been robust in India for the past three years and they anticipate this positive trend to continue in the coming years. Pirojsha displayed a strong sense of assurance in the company.
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