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At the beginning of the first wave of Covid-19 in March 2020, there were liquidity concerns for developers owing to the complete shutdown across India.
However, listed developers in our coverage universe (excluding-Real Estte Investment Trusts) have been relishing the ‘Debt Diet’ and have been able to bring down their consolidated net debt levels by 37% to Rs 274 billion between March 2020 to June 2021.
This has been achieved through the organic route of operating cash surpluses, reduced interest costs and control on corporate overheads and inorganic route (equity fund raise, asset sale and stake dilution at special purpose vehicle level).
Going forward, with leaner balance sheets, we believe that listed developers will continue to invest in growth and gain market share.
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