Lodha said it reduced its consolidated net debt by Rs3,600 crore during the quarter. In January-March, its net debt fell Rs544 crore and in the same quarter last year, net debt reduced by Rs71 crore. It should be noted that from its pre-IPO India business debt of Rs16,100 crore, the company's management has guided for more than Rs10,000 crore debt cut by March 2022 and it aims to be net zero in another three years. The management expects inflows from the IPO, pay down of promoter advance and ready inventory sale to aid this debt reduction. Analysts at Jefferies India Pvt Ltd project the company's net debt to decline 70% and profits to rise four times over FY21-FY24.

Source: Mint July 08, 2021 06:11 UTC