DLF cuts debt by Rs 2,000 crore; to close Amanresorts deal in Q3
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Helped by prime land sale in Mumbai, realty major DLF today said it has cut net debt by Rs 2,000 crore in this quarter to Rs 21,220 crore and will reduce it further as it is on the "verge" of selling luxury hotel chain Amanresorts and wind energy business.
DLF said it will bring down the net debt to about Rs 18,500 crore by March 2013 and to below Rs 15,000 crore in the medium term with the help from surplus cash flow, sale of non-core assets and issue of fresh equity shares next year to dilute promoters' stake in the company.
The country's largest developer said it will launch about 9-10 million square feet of area, mostly in Gurgaon, in the next five months of this fiscal, which would help the company in achieving sales booking target of Rs 6,500 crore for FY'13.
"With closure of Mumbai land transaction, We have got strength in balance sheet. After sale of Amanresort and wind energy business, there will be further strength," DLF CFO Ashok Tyagi said in a conference call with analysts.
DLF recently sold 17 acre prime land in Mumbai to Lodha Developers for Rs 2,727 crore, helping it to bring down the net debt to Rs 21,220 crore currently from Rs 23,220 crore as on September 30. Net debt rose by Rs 540 crore during July-September quarter from Rs 22,680 crore as on June 30.
"As on date, net debt position is Rs 21,220 crore... With the consummation of the balance divestments, the net debt of Rs 18,500 as on March 31 is highly achievable," DLF said in an investors presentation.
DLF executive director (Finance) Saurav Chawla said the company expects to announce the sale of Amanresort in this quarter and wind energy business by March 2013.