Realty firm Godrej Properties has cut its net debt by around Rs 650 crore during last fiscal on the back of strong sales bookings and also brought down average borrowing cost by one percentage point. The net debt of Mumbai-based real estate developer has come down to Rs 2,846 crore as on March 31, 2018 from Rs 3,499 at the start of the last fiscal.
The average borrowing cost stood at 7.8 per cent as on March 31, 2018 as against 8.8 per cent at the end of 2016-17. Net debt-equity ratio has also reduced to 1.27 from 1.75 during the period under review.
Godrej Properties’ sales bookings jumped over two-fold to Rs 5,083 crore during 2017-18 from Rs 2,020 crore in the previous fiscal.
The Godrej Group comprises of a varied business portfolio that includes real estate development, fast moving consumer goods, advanced engineering, home appliances, furniture, security, and agri-care.
