DLF, the country's largest realty player is planning to raise about Rs 6,000 crore by the end of next fiscal from the sale of non-core assets for debt reduction. During the third quarter of this fiscal, the company’s net debt fell Rs 169 crore to Rs 22,758 crore.
The company expects Rs 2,000 crore from the sale of hospitality venture Amanresorts and another Rs 1,000 crore from the sale of wind energy business. The company aims to realize up to Rs 7,500 crore from such sales in the medium-term. It is likely to raise up to Rs 4,000 crore from the sale of strategic projects in Mumbai and Chennai and another Rs 1,000 crore by offloading other projects. In the first nine months of the current fiscal it has raised Rs 1,620 crore against Rs 1,110 crore in the entire 2010-11.
The company’s net profit for the quarter ended December 31, 2011 has zoomed 73.65% at Rs 355.70 crore as compared to Rs 204.84 crore for the corresponding quarter of the previous year. The company’s total income has decreased by 13.90% at Rs 753.54 crore for the third quarter ended December 31, 2011 compared to Rs 875.17 crore for the corresponding quarter of the previous year.