Realty firm DLF, which has just cut its net debt by over Rs 2,500 crore to Rs 17,400 crore following sale of luxury hotel chain Aman resorts and a refund from Delhi Development Authority (DDA), is expecting its debt to remain at this level for few more quarters. Out of the total, the company currently has Rs 13,000 crore debt supported by rental assets.
Further, the company which is witnessing slow sales booking past few quarters, does not expect any improvement in demand situations until first half of next financial year and is likely not to meet sales guidance of Rs 6000 crore for FY14.
DLF sold Aman resorts for $358 million and also settled the dispute with the Delhi Development Authority (DDA) on the Dwarka Convention Centre project with refund of Rs 676 crore.
DLF is one of India’s largest real estate companies that has over 60 years of track record of sustained growth, customer satisfaction, and innovation. The company has 314 msf of planned projects with 52 msf of projects under construction.