Godrej Properties on Wednesday reported a 58 per cent increase in consolidated net profit at Rs 412.14 crore for the quarter ended March 2023 on higher revenue driven by strong housing demand and announced plans to raise debt up to Rs 2,000 crore.
Its net profit stood at Rs 260.47 crore in the year-ago period.
Total income rose to Rs 1,838.82 crore in the fourth quarter of 2022-23 from Rs 1,522.57 crore a year ago, according to a regulatory filing.
In the entire last fiscal, net profit increased to Rs 571.39 crore from Rs 352.37 crore in 2021-22. Total income also grew to Rs 3,039 crore from Rs 2,585.69 crore.
The board of directors has approved raising of funds, by issuance of Non-Convertible Debentures (NCDs), bonds and/or other debt securities on a private placement basis, in one or more tranches, for an amount not exceeding Rs 2,000 crore.
Pirojsha Godrej, Executive Chairperson of Godrej Properties Ltd, said, “Residential real estate demand in India has been strong throughout FY23 and leading developers have benefited from both sectoral growth as well as market share gains.”