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EBITDA stood at Rs 591 crore in Q2 while the surplus cash generation from operations touched Rs 1,147 crore.
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In an interview to CNBC-TV18, Ashok Tyagi, Group CFO, DLF gave a ground check on how real estate demand is shaping up.
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Realty major DLF's promoters are
in the final stage of discussion with potential investors to
sell their 40 per cent stake in the company's rental arm DCCDL
Ltd for an estimated Rs 12,000-14,000 crore.
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Ashok Tyagi, Group CFO, DLF said that the government‘s move to demonetise Rs 500 and Rs 1000 notes is a bold and disruptive move.
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DLF owns remaining 60 percent stake in DCCDL, which holds the bulk of office and retail complexes. Promoters will re-invest a significant part of the amount realised from the sale into DLF, India's largest realty firm. Market sources had earlier said that the deal size could be about Rs 12,000 crore.
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DLF has been selling non-core land parcel and businesses for the last three-four years to focus on its core real estate business as well as to improve its cash flows and reduce debt.
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The project will be developed on a 14-acre land. "The company has just initiated development of a 2 million sq ft (approx) office complex in Cyber City Gurgaon," DLF said in an analyst presentation.
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This is DLF's first capital market issuance after the Securities Appellate Tribunal (SAT) in March quashed a three-year ban imposed on the company by the Securities and Exchange Board of India (Sebi).
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Realty major DLF is likely to raise about Rs 2,500-3,000 crore by next month via private equity and is in talks with Singapore government‘s investment arm GIC to sell stake in a new housing project.
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The company pays roughly Rs 750 crore interest every month, including dividend on preference shares, on its debt. Tyagi says the lower borrowing rate should help the company save around Rs 175 crore on dividend payouts.
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"We have a total of Rs 14,000-15,000 crore stocks. Out of this, Rs 4,000 crore is in finished projects and more than Rs 10,000 crore is unsold stocks in projects which are launched and are under development," DLF Chief Financial Officer (CFO) Ashok Tyagi told PTI.
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DLF has divided its real estate business in two parts - DevCo, under which all residential projects fall, and RentCo, which is the rental business from office and retail projects.
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India's largest real estate firm expects to close some of the deals by June and would utilise the funds to improve its cash-flows that have been affected due to slowdown in housing demand
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The rise in debt was basically because of decrease in sales and the profits too were eaten up by higher interest burden, said Ashok Tyagi, Group CFO, DLF.
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The Competition Commission of India (CCI) has ordered two fresh probes this month against DLF, finding the company to have prima-facie abused its dominant position relating to the two different residential projects in Gurgaon.
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DLF is in talks with various financial investors for raising funds in some of its housing projects and also for participation in its REITs platform for commercial properties.
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Tyagi said the real impact on ground will be seen once banks reduce rates
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“Borrowing rates are moving southwards in rental portfolio,†DLF Group CFO Ashok Tyagi said
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The company has also started a massive handover drive of the projects completed in 2007 and is seeing significant success in Chennai and Bangalore.
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Realty major DLF's sales bookings rose 46 percent to Rs 3,760 crore during April-December period of this financial year despite a slowdown in the real estate market.
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Group CFO Ashok Tyagi said that DLF‘s net debt will continue to be around Rs 17,500 crore for the next few quarters.
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The net debt had increased to Rs 19,926 crore at the end of December quarter, from Rs 1,9508 crore as on September 30.
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Real estate giant DLF is confident of reducing its debt to Rs 17,500 crore; in line with its guidance. Its management also hopes to bring down its interest costs by Rs 450-470 crore in FY15.
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According to Lalit Kumar Jain, chairman of CREDAI, the 80:20 scheme is limited to few cities and projects.
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Despite increase in inputs costs, labour availability and the huge underlying demand for real estate as an asset class, DLF‘s Ashok Tyagi does not foresee a significant correction in prices as a lot of pundits keep on forecasting.
