Realty major DLF’s net debt has been reduced by Rs 1,870 crore during the third quarter of this fiscal to Rs 21,350 crore with the help of proceeds from the sale of its major non-core assets of prime Mumbai land and hospitality chain Amanresorts.
In an analyst presentation, the company gave a guidance that it will further reduce its net debt to Rs 19,000 crore.
“Maintain a net debt guidance at Rs 19,000 cr for FY13,” DLF said.
DLF has been selling its non-core businesses since the last couple of years to focus on core real estate business and cut its huge debt. It had put on sale three big-ticket non-core assets — Mumbai plot, Amanresorts and wind energy.
In August last year, DLF had sold a 17-acre land in Mumbai to Lodha Developers for Rs 2,727 crore. In December, it had announced the sale of Amanresorts back to founder Adrian Zecha for about Rs 1,650 crore.
The company had yesterday reported a 10.23 per cent rise in consolidated net profit at Rs 284.80 crore for the quarter ended December 31, 2012 compared with Rs 258.35 crore in the year-ago period.
Income from operations, however, declined to Rs 1,310.04 crore in the third quarter compared with Rs 2,034.37 crore in the same period of 2011-12.
In the current quarter, DLF announced it will sell a part of its wind turbine business in Gujarat to Bharat Light & Power for Rs 282.30 crore.
Besides the 150-MW Gujarat unit, DLF has wind turbines in Rajasthan (34 MW), Tamil Nadu (33 MW) and Karnataka (11 MW) and it is in advanced stages of negotiations on these units.