DLF's net debt rises by nearly Rs 400 cr to Rs 20,336 cr

Realty giant DLF's net debt has increased by nearly Rs 400 crore during the third quarter of the current fiscal to Rs 20,336 crore. According to investors' presentation, the net debt of DLF, the country's largest real estate developer, rose to Rs 20,336 crore as of December 31, from Rs 19,943 crore at the end of the July-September quarter. The current attributable net debt to DevCo (development arm) is Rs 6,350 crore and to RentCo (rental business) is Rs about Rs 14,000 crore, it added.

DLF expects that the net debt of DevCo to stay range bound (+/- Rs 1000 crore) in the short term. The attributable net debt to RentCo (rental business) would continue to increase as the rentals and capex of this segment grows. "Target remains to maintain and reduce Devco Debt through improvement in operating/monetisation cash flows and to reduce RentCo debt through capital actions through REITs," DLF said.

DLF said it is ready to launch a large CMBS (Commercial Mortgage Backed Securities) for raising about Rs 3,600 crore in its SEZ business to improve the quality of debt. Last year, it had raised Rs 900 crore through CMBS. Yesterday, DLF reported 9 per cent decline in consolidated net profit at Rs 131.79 crore for the quarter ended December due to fall in sales as well as other income.

Its net profit stood at Rs 145.29 crore in the year-ago period. Income from operations fell by 5 per cent to Rs 1,956.72 crore for the third quarter of this fiscal from Rs 2,058.42 crore in the corresponding period of the previous year. Total income declined by 20 per cent to Rs 2,079.82 crore for the quarter ended December from Rs 2,590.2 crore in the year-ago period.