Realestate

DLF cuts net debt by 16% QoQ to ₹2,259 cr in Apr-Jun

Realty main DLF’s internet debt lowered by 16 per cent throughout the April-June interval to 2,259 crore from the earlier quarter on the again of sturdy housing gross sales.

Its internet debt stood at 2,680 crore on the finish of the final fiscal.

In an investor presentation, DLF mentioned the corporate is “dedicated to additional debt discount within the medium time period”.

It asserted that the finished stock and receivables from prospects towards bought items can be ample to discharge all present liabilities.

“New merchandise to generate wholesome money flows; constant surplus money technology to bolster money place,” the presentation mentioned.

The gross debt additionally fell to 3,900 crore as of June 30 from 4,755 crore on the finish of the final fiscal.

On the operational entrance, DLF’s gross sales bookings doubled to 2,040 crore throughout the first quarter of this fiscal from 1,014 crore within the year-ago interval.

It’s concentrating on 10 per cent development in its gross sales bookings to about 8,000 crore this fiscal.

DLF’s gross sales bookings rose to 7,273 crore in 2021-22 from 3,084 crore within the previous fiscal.

Housing demand is step by step getting consolidated in direction of these massive branded builders who’ve observe report of executing tasks.

On Saturday, DLF Group Government Director Aakash Ohri informed buyers in an analyst name that the corporate’s gross sales bookings grew sharply within the June quarter and it expects momentum to proceed.

Requested whether or not the corporate will revise its gross sales bookings steering upwards from 8,000 crore contemplating good development in Q1, which isn’t sometimes strongest, Ohri had mentioned: “We cannot revise something for now. We are going to proceed to stay to that”.

There are some headwinds like rates of interest hike and due to this fact the corporate wouldn’t get carried away and maintain the gross sales steering as it’s, he added.

On Friday, DLF reported a 39 per cent enhance in its consolidated internet revenue to 469.57 crore within the quarter ended June on higher gross sales.

Its internet revenue stood at 337 crore within the year-ago interval.

Its whole earnings rose to 1,516.28 crore within the first quarter of this fiscal from 1,242.27 crore within the year-ago interval, in accordance with a regulatory submitting.

“Residential demand continues to exhibit sustained momentum. The excessive demand for luxurious properties has been a key pattern that’s anticipated to proceed,” DLF mentioned.

Whereas rising rates of interest might pose some challenges, the corporate mentioned it expects this structural restoration within the residential phase to proceed.

DLF is the most important actual property firm when it comes to market capitalisation.

It has to this point developed greater than 153 actual property tasks, comprising over 330 million sq. toes of space.

DLF Group has 215 million sq. toes of growth potential throughout the residential and business segments.

The Group has a rent-yielding business portfolio of over 40 million sq. toes.

The majority of its business property is below the DLF Cyber Metropolis Builders Ltd (DCCDL), which is a three way partnership agency with Singapore sovereign wealth fund GIC.

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