DLF to miss asset sale target this fiscal year
India’s largest real estate firm by market value, DLF Ltd, will be able to raise only half of the targeted Rs5,500 crore this fiscal—by selling assets that are not central to its business of developing property.
DLF is selling non-core assets to reduce debt. The company’s net debt for the quarter ended 31 December went up by Rs695 crore to Rs12,830 crore, compared with Rs12,135 crore in the preceding quarter. The realtor’s net debt to equity ratio is 0.5.
In an analyst presentation published on the company’s website, DLF has said that it will raise around Rs1,250 crore from asset sales and refunds by the end of the fiscal. This will take the total amount raised from asset sales during the fiscal to around Rs2,500 crore.
More : livemint.com