Realty firm Godrej Properties has reduced its net debt by 51 per cent in last one year to `1,539 crore mainly with the help of better sales bookings.
The net debt of Gordej Properties — the real estate arm of Godrej group — stood at `1,539 crore as on September 30, 2018 as against `3,137 crore a year-ago, according to an investors’ presentation for the second quarter of this fiscal.
The average borrowing cost stood at 7.88 per cent as on September 30, 2018 as against 8.1 per cent a year-ago. Net debt-equity ratio has also reduced to 0.6 from 2.08 during the period under review.
Mumbai-based Godrej Properties sales performance have been good despite overall slowdown in the property market.
During 2017-18 fiscal, Godrej Properties’ sales bookings stood at record `5,083 crore. However, the sales bookings have dropped by 42 per cent to `1,627 crore in the first half of this fiscal.