The company also plans to significantly repatriate its UK investment to India in fiscal year 2022-2023. The developer plans to support this debt repayment and repatriation of the investment with strong sales performance of its two super-premium residential projects in London.

Lodha had lifted these bonds of 225 million dollars in March 2020 against the British plans. In its operations in India, the company has set a target of reducing its debt to less than Rs 6,000 crore by March 2023.

The developer’s projects, 1 Grosvenor Square and Lincoln Square, saw sales worth 191 million pounds or around 1,900 crore rupees in the quarter ended in December. On this basis, the company plans to “significantly” repatriate its UK investment to India during fiscal year 2022-2023.

In the previous quarter ended in September, the development of 1 Grosvenor Square had recorded 110 million pounds or 1,100 crore in presales following the easing of restrictions on international travel.

“The momentum continued during the quarter and we had our best quarterly sales performance at 1 Grosvenor Square with presales of 177 million pounds or around 1,770 crore rupees. Thus, in just 2 quarters, the project has achieved nearly 300 million pounds in pre-sales, ”the company said in a regulatory filing.

With these two quarters of strong performance, the $ 225 million bond is expected to be fully repaid over the next 4 months from the proceeds of the sale, well ahead of its scheduled maturity in March 2023, the developer added.

Based on the current trajectory, Lodha expects the project to be fully sold well ahead of the FY2023-24 fourth quarter business plan target.

The company’s second high-end residential project, Lincoln Square, also continued its stable performance and achieved pre-sales of 14 million pounds, or around 140 crore rupees, during the December quarter. The project remains on track to be sold over the next 1-2 quarters, Lodha said.

For the quarter ended in September, the company reported a consolidated net profit of Rs 221.85 crore against a net loss of Rs 359.25 crore a year ago. Operating income increased 136% to Rs 2,124 crore.

The developer raised Rs 2,500 crore during its initial public offering (IPO) of shares in April. Following this, the developer raised Rs 4,000 crore from foreign and domestic institutional investors in November as part of the largest Qualified Institutional Placement (QIP) ever by a property developer in India.

Lodha Group had invested 306 million pounds or Rs 3,120 crore to acquire MacDonald House in central London in 2013 and this property is now 1 Grosvenor Square. The company had acquired a second New Court property next to the London School of Economics and the Royal Courts of Justice on Carey Street for £ 90million or Rs 930 crore in 2014. This property has now been redeveloped as Lincoln Square .