Godrej Prop to raise equity via IPP route in few months

Realty developer Godrej Properties has reported sharp 84% year-on-year rise in net profit at Rs 28.61 crore for the quarter ended December 31. Total income for the quarter rose to Rs 149.7 crore against Rs 48.18 crore a year ago.

Speaking to CNBC-TV18, Adi Godrej, chairman of Godrej Properties said, the company is planning to bring down its debt-equity 1.2:1 in the coming year. He also expects margins to improve considerably from current levels.

The company has a debt-equity ratio of 2:1 currently.

Godrej said the realty major expects to raise equity via the institutional placement programme (IPP) route in the next few months.