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DLF’s debt up by Rs. 628cr; sales bookings down 5pc in FY’15

India’s largest realty firm DLF’s net debt rose by Rs. 628 crore during the fourth quarter ended March 31 to Rs. 20,965 crore, while its sales bookings fell by over 5 per cent for the entire fiscal.DLF said it would take at least 12 months for housing sales to improve. It expects sales to be low in the current fiscal, 2015-16, as they have been during the last two financial years.According to an analyst presentation, DLF’s net debt stood at Rs. 20,965 crore as on March 31, 2015, up by Rs. 628 crore from Rs. 20,336 crore at the end of the October-December quarter.

Of the total debt, DLF said about Rs 14,000 crore pertains to rental business, and the rest towards development arm.

“The company is exploring all opportunities to further optimise the debt profile which includes issuance of CMBS’s (Commercial Mortgage Backed Securities) or debentures,” it added. Earlier, the company had announced plans to raise about Rs 3,600 crore through CMBS backed by its large IT SEZs.

DLF achieved gross sales bookings for 2.25 million sq ft worth Rs 3,850 crore in 2014-15, as against 3.74 million sq ft amounting to Rs 4,070 crore in the previous fiscal.

On outlook, the company said it would “take at least 12 months for the sales momentum to begin improving; the key factor would be in general, reduced interest rates and GDP growth and, in specific, demand/supply conditions in micro markets. Sales volume in most geographies shall continue at a diminished pace similar to FY14 and FY15”.

The company is in dialogue with few private equity players to raise funds in its some new housing projects.

On the Real Estate Investment Trust (REITs), DLF said it intends to form 2 REIT platforms to strategically monetise almost 30 million sq ft of office and retail assets.

“…Target first filing within fiscal year 2016, most likely in Q4,FY16, subject to all approvals. Both strategic and financial investors have approached DLF in this regard,” the presentation said.

Yesterday, DLF reported 22 percent fall in consolidated net profit at Rs 171.62 crore in the fourth quarter of 2014-15 fiscal, as against Rs 219.68 crore in the year-ago period.

Income from operations fell marginally to Rs 1,953.69 crore in the January-March quarter, from Rs 1,969.45 crore in the year-ago period.

Net profit dipped during the fourth quarter of 2014-15 on account of fall in other income to Rs 147.47 crore from Rs 552.15 crore in the year-ago period. Moreover, tax expenses were at Rs 76.73 crore during January-March quarter against gains of Rs 67.84 crore in the year-ago period.

DLF’s net profit declined by 16 percent to Rs 540.24 crore in 2014-15 from Rs 646.21 crore in the previous year.

Income from operations dipped by 8 percent to Rs 7,648.73 crore in last fiscal from Rs 8,298.04 crore in 2013-14. Total revenue stood at Rs 8,168 crore in 2014-15 fiscal, down by 17 percent from Rs 9,790 crore in the previous year.

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