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Godrej Properties shares slide on lower area sales, higher debt in September quarter

Godrej Properties shares slide on lower area sales, higher debt in September quarter

Godrej Properties shares slide on lower area sales, higher debt in September quarter
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By Sonal Bhutra   |Sonal Bhutra Nov 9, 2022 3:50:37 PM IST (Updated)

The company has mentioned that it is on track to achieve bookings worth Rs 10,000 crore for the current financial year.

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Shares of Godrej Properties ended 7 percent lower on Wednesday after the company sold lesser area both year-on-year and on a sequential basis.
The company's total area sold declined 25 percent from last year to 2.7 million square feet. Even when compared to the June quarter, area sold declined 4 percent.

Booking value for the quarter also declined 6 percent last year to Rs 2,409 crore and was also down 4 percent quarter-on-quarter.

Weakness during the quarter was led by the core Mumbai Metropolitan Region where sales halved compared to the June quarter. Sales in NCR were flat while they increased in Pune and Bengaluru.

Another factor contributing to the weakness is the elevated debt levels. For the quarter ending September, overall debt stood at Rs 1,356 crore compared to Rs 956 crore in the June quarter. These levels are more than double the Rs 456 crore figure it had as of March this year.
The company has mentioned that it is on track to achieve bookings worth Rs 10,000 crore for the current financial year.
Revenue for the September quarter stood at Rs 152.2 crore, compared to Rs 114 crore last year. However, the topline was lower by nearly 30 percent when compared to the June quarter.

Godrej Properties has added two new projects in the Mumbai Metropolitan Region and Pune with an expected booking value of Rs 2,500 crore.

Shares of Godrej Properties ended near their 52-week low.
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