DLF reports 7% increase in sales bookings in FY14; fall in the company’s net debt
India’s biggest real estate firm DLF has revealed in its latest financial report that it witnessed a 7 percent increase in sales bookings, to Rs 4,070 crore, in the last fiscal year which ended in March 2014. In comparison, in the previous fiscal year which ended March 2013, the company’s sales bookings had increased Rs 3,815 crore, due to slowdown in demand.
Along with reporting an increase in sales bookings in the latest fiscal, DLF also said that its net debt for FY14 saw a decline of Rs 1,400 crore, largely because of the company’s move to divest its non-core assets.
For the January-March quarter, DLF posted a consolidated net profit of Rs 219.68 crore; as compared to a net loss of Rs 4.19 crore which the company reported for the same quarter last year.
The net profit reported by the company for March 2014 quarter has come chiefly on the back of gains which the company made from the sale of hotel chain Amanresorts – except Lodhi road property – for approximately Rs 2,200 crore.
Meanwhile, noting that “given the current and future growth of annuity flows, the company is comfortable with the level of current net debt,” DLF said: “In the near term, tactical divestments of land may continue to support capex/land related charges so that net debt remains range bound (+/-) Rs 500 crore of the current levels.”
Source – Financial Chronicle
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