DLF cuts net debt by 16% quarter-on-quarter to Rs 2,259 crore in Q1 FY23
On the operational front, DLF's sales bookings doubled to Rs 2,040 crore during the first quarter of this fiscal from Rs 1,014 crore in the year-ago period.
On the operational front, DLF's sales bookings doubled to Rs 2,040 crore during the first quarter of this fiscal from Rs 1,014 crore in the year-ago period.
DCCDL has rent-yielding commercial assets, both offices and retail properties, of about 35 million sq ft, the majority of which are in Delhi-National Capital Region. With the office segment’s recovery riding on the economic recovery, the segment is witnessing a steady uptake, especially from international and domestic IT companies.
During its Q2 analysts call in October, DLF had said it will soon start construction work on 2 million sq ft of office space in Gurgaon as it sees rising demand for grade A office buildings in the coming year.
Sriram Khattar, managing director at DLF Rental Business, said the company’s under-construction buildings have already been fully leased.
The proceeds will be utilised to refinance its existing debt resulting in interest savings and marks DCCDL's foray into the listed debt capital market and widening its investor base, the company said in a media release.
DLF's net consolidated total income stood at Rs 1,556.53 crore in Q2 FY22, a dip of 10 per cent from Rs 1,723.09 crore it registered in the similar quarter last year.
DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF Ltd and Singapore sovereign wealth firm GIC. While DLF holds 66.67 per cent stake in the JV, the GIC has 33.33 per cent shareholding.
The two transactions follow one for Rs 2,400 crore that the company raised from State Bank of India in October 2020 at an interest of 7.35% for a 15-year tenure. With the latest transactions at 6.7% interest, the company said its overall interest burden will reduce.
Consequent to the transaction, Fairleaf has become a wholly-owned subsidiary of DCCDL, DLF said in a regulatory filing on Thursday.
The company has taken space in DLF Downtown, an upcoming project in Gurgaon. The building is scheduled for completion in December 2021 and DLF has pre-leased close to 500,000 sq ft.
The company net consolidated profit grew by 9 per cent during the third quarter of FY21. Its profit after tax (PAT) stood at Rs 449 crore in Q3 FY21, as against Rs 413.10 crore it recorded in the corresponding quarter previous fiscal.