India's leadig Real estate company DLF's net debt had increased by Rs 100 crore during the Apri l-June quarter this 2011-12 fiscal to Rs 21,524 crore. Same time it expects that borrowing would start moderating from this quarter onward.
DLF, which reported a 13% fall in net profit to Rs 358.36 crore for the quarter ended June. The company would utilise the proceeds from the sale of non-core assets like hotel plots to reduce debt.
DLF's net debt stood at Rs 21,524 crore as of June 30, 2011, compared to Rs 21,424 crore at the end of last 2010-11 fiscal.
Mr. Ashok Tyagi, DLF Group CFO (Chief Financial Officer) Said, "While debt levels have remained similar to the previous quarter, our momentum on the non-core asset divestments has gathered pace and these coupled with operational cash flows will help us in moderating our current debt levels..
DLF raised Rs 165 crore from sale of non-core assets in the first quarter of this fiscal. The company aims to raise Rs 10,000 crore from this process and so far, it has realised Rs 3,235 crore from divestment.
DLF's consolidated net profit fell during the June quarter to Rs 358.36 crore from Rs 411.03 crore in the year-ago period on higher expenditure and finance charges. But, its consolidated sales rose by 20.57 per cent to Rs 2,445.82 crore in the review period from Rs 2,028.53 crore a year ago.
DLF's expenditure increased by Rs 300 crore to Rs 1,505 crore during the June quarter primarily on land, development rights and constructed properties. Finance charges rose to Rs 496.41 crore from Rs 388.44 crore.
During the first quarter, DLF achieved sales booking of 22 lakh sq. ft, as against 19 lakh sq.ft in the same quarter last year.
One of the DLF's officer said, ''We would continue to focus on launching plots, which enables it to mitigate the current inflationary environment and accelerate cash flows.""
DLF's net debt stood at Rs 21,524 crore as of June 30, 2011, compared to Rs 21,424 crore at the end of last 2010-11 fiscal.
Mr. Ashok Tyagi, DLF Group CFO (Chief Financial Officer) Said, "While debt levels have remained similar to the previous quarter, our momentum on the non-core asset divestments has gathered pace and these coupled with operational cash flows will help us in moderating our current debt levels..
DLF raised Rs 165 crore from sale of non-core assets in the first quarter of this fiscal. The company aims to raise Rs 10,000 crore from this process and so far, it has realised Rs 3,235 crore from divestment.
DLF's consolidated net profit fell during the June quarter to Rs 358.36 crore from Rs 411.03 crore in the year-ago period on higher expenditure and finance charges. But, its consolidated sales rose by 20.57 per cent to Rs 2,445.82 crore in the review period from Rs 2,028.53 crore a year ago.
DLF's expenditure increased by Rs 300 crore to Rs 1,505 crore during the June quarter primarily on land, development rights and constructed properties. Finance charges rose to Rs 496.41 crore from Rs 388.44 crore.
During the first quarter, DLF achieved sales booking of 22 lakh sq. ft, as against 19 lakh sq.ft in the same quarter last year.
One of the DLF's officer said, ''We would continue to focus on launching plots, which enables it to mitigate the current inflationary environment and accelerate cash flows.""
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