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ICICI Securities Report
Along expected lines, Godrej Properties Ltd.’s Q2 FY21 gross sales bookings worth Rs 10.7 billion declined 26% YoY and 30% QoQ as the company phased out its 10-90 builder subvention scheme (80% of overall sales in Q1 FY21).
The company incurred Rs 7.0 billion of land spend in Q2 FY21 which led to net debt levels rising by Rs 9.8 billion QoQ to Rs 27.3 billion (net debt/equity of 0.57 times).
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