Godrej Properties to invest Rs 7,500 cr in next 12-18 months

14 Feb 2022 CW Team

Executive Chairman of Godrej, Pirojsha Godrej, told the media that the company witnessed growth in housing and commercial real estate segments in Mumbai Metropolitan Region (MMR), Delhi National Capital Region (NCR), Bengaluru and Pune.

The company had acquired new projects through the outright purchase of land parcels and joint ventures (JV) with landowners. It had acquired three projects in the third quarter (Q3) of FY22.

In 2021, the company raised Rs 3,750 crore through Qualified Institutional Placement (QIP) as a part to strengthen its business.

The company's net debt is around Rs 313 crore on 31 December 2021, while the debt-equity ratio is 0.04.

The company might achieve high sales bookings in 2021-22, exceeding its peak of Rs 6,725 crore.

In the first nine months of FY22, the company recorded sales bookings of Rs 4,613 crore, up by 13% compared to the same period last year.

From the total sales bookings, residential properties witnessed Rs 4,559 crore and commercial Rs 54 crore.

During the December quarter, the company recorded a consolidated net profit of Rs 38.95 crore. Its net profit in 2020-21 stood at Rs 14.35 crore.

The total income increased to Rs 466.91 crore from Rs 311.12 crore during the same period last year.

Its net profit has jumped multi-fold to Rs 91.68 crore in the first nine months of 2021-22 from Rs 2.19 crore during the same period last year.

The total income increased to Rs 1,063.12 crore during the April-December quarter of FY22 from Rs 757.01 crore during the same period last year.

The company has delivered 20 million sq ft of real estate projects in the last five years, with 186 million sq ft of developable area in 81 projects across India.

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Also read: Godrej Properties cancels Rs 700 cr investment plan in DB Realty

Godrej Properties Limited has planned to invest around Rs 7,500 crore in the next 12-18 months on the acquisition and development of new real estate projects.The investment will be a combination of equity and debt. Executive Chairman of Godrej, Pirojsha Godrej, told the media that the company witnessed growth in housing and commercial real estate segments in Mumbai Metropolitan Region (MMR), Delhi National Capital Region (NCR), Bengaluru and Pune. The company had acquired new projects through the outright purchase of land parcels and joint ventures (JV) with landowners. It had acquired three projects in the third quarter (Q3) of FY22. In 2021, the company raised Rs 3,750 crore through Qualified Institutional Placement (QIP) as a part to strengthen its business. The company's net debt is around Rs 313 crore on 31 December 2021, while the debt-equity ratio is 0.04. The company might achieve high sales bookings in 2021-22, exceeding its peak of Rs 6,725 crore. In the first nine months of FY22, the company recorded sales bookings of Rs 4,613 crore, up by 13% compared to the same period last year. From the total sales bookings, residential properties witnessed Rs 4,559 crore and commercial Rs 54 crore. During the December quarter, the company recorded a consolidated net profit of Rs 38.95 crore. Its net profit in 2020-21 stood at Rs 14.35 crore. The total income increased to Rs 466.91 crore from Rs 311.12 crore during the same period last year. Its net profit has jumped multi-fold to Rs 91.68 crore in the first nine months of 2021-22 from Rs 2.19 crore during the same period last year. The total income increased to Rs 1,063.12 crore during the April-December quarter of FY22 from Rs 757.01 crore during the same period last year. The company has delivered 20 million sq ft of real estate projects in the last five years, with 186 million sq ft of developable area in 81 projects across India. Image Source Also read: Godrej Properties cancels Rs 700 cr investment plan in DB Realty

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