Godrej Properties says ICRA, CRISIL enhance CP limits to Rs 1750 cr

Ratings for Commercial Paper (CP) have been reaffirmed/assigned at [ICRA] A1+ and CRISIL A1+, respectively.

The real estate developer announced the enhancement in CP limits to Rs 1750 crore from Rs 1500 crore by ICRA and CRISIL.

Instruments with [ICRA] A1+ and CRISIL A1+ rating are considered to have a very strong degree of safety regarding timely servicing of financial obligations. Such instruments carry the lowest credit risk.

Credit rating limits for bank facilities of Rs 4,500 crore was reaffirmed at [ICRA]AA+/[ICRA]A1+. Outlook on the long-term rating is "Stable". Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.

Long-term rating for Rs 1,000 crore Non-Convertible Debenture (NCD) borrowing program reaffirmed to [ICRA] AA+. Outlook on the long-term rating is "Stable". Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.

Godrej Properties is engaged in the business of real estate construction, development and other related activities. In FY 2021, the company emerged as the largest developer in India by the value and volume of residential sales achieved.

Its consolidated net profit rose 53.8% to Rs 54.96 crore on 27.7% jump in net sales to Rs 165.09 crore in Q2 FY23 over Q2 FY22.

Shares of Godrej Properties rose 0.60% to Rs 1243.05 on Tuesday, 3 January 2023.

Powered by Capital Market - Live News