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DLF Product Sales Reservations Up 7% in FY14 to Rs 4070 Cr; Debts Falls

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DLF Product Sales Reservations Up 7% in FY14 to Rs 4070 Cr; Debts Falls

NEW DELHI: India’s biggest Realty firm DLF’s sales bookings improved by 7% last financial to Rs 4,070 cr, although its net debt dropped by Rs 1,400 cr with the help from divestment of non-core assets.

EPC News:30May,2014: India:NEW DELHI: India’s biggest Realty firm DLF’s sales bookings improved by 7% last financial to Rs 4,070 cr, although its net debt dropped by Rs 1,400 cr with the help from divestment of non-core assets.

Yesterday, DLF revealed a consolidated net profit of Rs 219.68 cr for the quarter ended March, 2014 on the back of gets from sale of hotel chain Amanresorts. It had authorized a net loss of Rs 4.19 cr in the year-ago period.

As per to an expert presentation, DLF’s sales booking improved to Rs 4,070 cr in 2013-2014 financial towards Rs 3,815 cr in the previous year, amid slowdown in need.

In volume terms, sales bookings fell to 3.74 million sq ft during last financial against 7.23 million sq ft in 2012-2013.

“Slowdown in the economic environment resulted in moderate achievement against sales volume target. This is predicted to continue for at least next 2 quarters prior to we see enhancement on the ground. Full revival is predicted early next financial year,” DLF said.

On debt position, DLF said that its net debt stood at Rs 18,526 cr as on March 31, 2014 — a drop of Rs 1,400 cr from Rs 19,926 cr at the end of the December 2013 quarter.

Debt decrease was possible with help from funds increased through divestment of luxury hospitality (rpt) hospitality chain Amanresorts and arrangement with Delhi Development Authority (DDA).

While in January-March quarter, DLF sold Amanresorts, except Lodhi road property, for about Rs 2,200 cr. It also settled the dispute with DDA on the Dwarka Convention Center at Rs 676 cr. In the full 2013-2014 financial, DLF increased Rs 5,930 crore via divestment of non-core assets.

“Given the current & future growth of annuity flows, the company is comfortable with the level of current net debt. In the near term, tactical divestments of land may continue to support capex/land similar charges so that net debt remains range bound (+/-) Rs 500 crore of the current levels,” the presentation added.

DLF said it would proceed to focus on opportunities to increase quality & tenure of debt like through issuance of Commercial Mortgage Backed Security (CMBS) etc. It lately increased Rs 525 crore through CMBS to replace costlier debt.

“Currently, the company has ‘finished stock’ worth Rs 4,000 crore (approx) &’launched & under construction stock’ in excess of Rs 13,000 cr (approx) and ‘new releases’ in pipeline worth Rs 7,000 crore (approx). As market enhances, the company shall monetize this mature stock,” DLF said.

For more information: http://www.epcworld.in/epcnews/dlf-product-sales-reservations-7-fy14-rs-4070-cr-debts-falls.aspx

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