Godrej Properties on Monday announced that it has received fresh ratings for proposed Non-Convertible Debenture (NCD) borrowing programmes from ICRA and India Ratings and Research Private Limited for Rs 2,000 crore and Rs 2,500 crore, respectively.
The credit rating for the fresh proposed NCD programme of Rs 2,000 crore by ICRA has been assigned at [ICRA]AA+. The outlook on the long-term rating is ‘Stable’, it said. Godrej Properties further stated that instruments with this rating are considered to have a high degree of safety regarding the timely servicing of financial obligations and such instruments carry very low credit risk.
Meanwhile, credit rating for fresh proposed NCD programmes of Rs 2,500 crore by India Ratings and Research (Ind-Ra) was assigned at IND AA+/Stable. The long-term rating for the existing bank facilities of Rs 4,500 crore was reaffirmed at [ICRA]AA+/[ICRA]A1+ and the existing NCD of Rs 3,000 crore was reaffirmed at [ICRA]AA+. The Commercial Paper (CP) limit of Rs 2,000 crore was also reaffirmed at [ICRA]A1+.
The short-term rating for the existing commercial paper (CP) programme of Rs 2,000 crore was reaffirmed at [ICRA]A1+.
During the first quarter of FY23, Godrej Properties posted profit at Rs 124.94 crore, up 174.3 per cent in comparison to Rs 45.55 crore during the first quarter of FY23. It posted revenue from operations at Rs 936.09 crore, up 282.6 per cent as against Rs 244.67 crore during the corresponding quarter of FY23. The company EBITDA stood at Rs 149 crore.
Godrej Properties witnessed a total booking value of Rs 2,254 crore with 2.25 million sqft of area sold during the quarter. “Sustenance sales grew by 19 per cent year-on-year to Rs 1,816 crore during Q1FY24,” it said in a statement. The company also added four new projects with a total estimated saleable area of ~3.7 million sqft and total estimated booking value of ~Rs 6,450 crore in April-July 2023.