The largest real estate developer DLF is planning to invest about Rs 3,000 crore this fiscal on construction of various projects and is targeting sales booking of more than Rs 6,000 crore. "We will invest about Rs 3,000 crore on construction of various projects this year. We are looking at sales booking of 8-10 million sq ft worth Rs 6,000 crore in 2013-14,"said Mr. Ashok Tyagi, DLF Group chief financial officer.
Last year, the company did sales booking of 7.23 msf Worth Rs 3,900 crore, he said. Tyagi said higher sales realisation will come from existing projects like Crest in Gurgoan phase-5 and new projects in Lucknow (UP), Panchkula (Haryana) in the North and Chennai in the South among others. DLF further said it aims to bring down net debt to Rs 19,000 crore by June, and reduce it further to Rs 17,000 crore by end of this fiscal. "We are aiming to reduce our debt to Rs 19,000 crore by June with help of funds raised from the recently concluded institutional placements," Tyagi said, adding as if FY13, its net debt stood at Rs 21,731 crore. DLF has raised Rs 1,863 crore through the issue of over 8.1 crore fresh shares to institutional investors, enabling it to dilute promoters stake to 75 per cent in line with market regulator Sebi's minimum public shareholding norms.
The company said it will focus on bringing down the debt level by 50 per cent in the next three years and see free-cash flow remains positive by 2014-15 fiscal. During the 2012-13 fiscal, the company's net profit declined by 41 per cent to Rs 711.92 crore as against Rs 1,200.82 crore in the earlier fiscal.
