Godrej Properties: Strategic Expansion Amidst Surging Debt

Godrej Properties, a prominent player in India's real estate market, reported a significant 42% increase in net debt during the June quarter, reaching Rs 4,637 crore. This rise is attributed to the firm's strategic expansion efforts to meet the growing demand for housing.

The company outlined plans to acquire more land parcels with an eye on developing housing projects worth Rs 20,000 crore this fiscal year. This aggressive expansion strategy is a bid to maintain dominance, with expectations to exceed or meet a Rs 32,500 crore sales booking target.

Despite the debt increase, the company reported a 15% rise in net profit for the first quarter, showcasing a robust financial performance amidst market challenges. Godrej Properties' ability to navigate debt while pursuing extensive development could solidify its top ranking in the real estate sector.

(With inputs from agencies.)