Real estate company DLF Ltd reduced its net debt by 16% during the period July-September to 3,985 crore rupees thanks to improved cash flow as part of a recovery in demand for housing.
According to an investor presentation, DLF’s net debt fell to Rs 3,985 crore as of September 30, 2021 from Rs 4,745 crore at the end of the June quarter of this fiscal year.
“Reduction in net debt of ~ Rs 759 crore in the second quarter; Rs 900 crore in S1FY22 (first six months of this fiscal year),” the company said.
Regarding the debt profile, the DLF said 64% of bank funding and 52% of expected repayments are over three years. “Inventory completed and project receivables sufficient to meet all current liabilities,” he said.
DLF said further residential project launches would generate healthy cash flow in the future. “Generating medium-term cash surpluses after dealing with short-term construction cash outflows,” the company said.
Regarding operational performance, DLF said its sales bookings increased 77% to Rs 1,512 crore in the July-September period, from Rs 853 crore a year ago.
Sales bookings were driven by strong demand in one of its luxury housing projects in Gurugram.
Customers’ collection stood at Rs 1,448 crore in the second quarter of 2021-2022 – the highest collections in the past five years.
On Thursday, DLF announced a 66% increase in its consolidated net profit to Rs 378.12 crore for the quarter ended in September. The company’s net profit stood at Rs 227.75 crore during the period last year.
Total income, however, fell to Rs 1,556.53 crore in the second quarter of the current fiscal year, from Rs 1,723.09 crore in the corresponding period of the previous year.
Ashok Kumar Tyagi, full-time director and CEO of DLF, said, “We are encouraged by the increase in home sales and improving consumer sentiment across all segments and remain committed to bringing new offerings to the market. Marlet “.
“We believe that our quality offerings across our completed inventory, the growth of the new product pipeline coupled with a strengthened balance sheet have placed the company in a unique position to scale up and take advantage of this growth cycle,” said he declared.
DLF has so far developed 153 real estate projects and developed an area of approximately 330 million square feet.
The company currently has 215 million square feet of development potential in the residential and commercial segments. The group has an annuity portfolio of over 35 million square feet.
DLF is primarily engaged in the development and sale of residential properties (the “Development Activity”) and the development and leasing of commercial and retail properties (the “Annuity Activity”).
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