On a consolidated basis, the realty major posted a 10% (YoY) rise in net profit at Rs.285 crore though total income fell 4% at Rs.2291 crore. Thus the rise in net profit can be attributed to the one-time gain from the sale of NTC mills land in Mumbai and accounting for certain additional costs/rebates to be incurred in the future on existing projects, including potential loss on the sale of Silverlink Resorts (Aman Resorts). In November, DLF has sold a 17-acre plot of land in Mumbai to private developer Lodha for Rs. 2,700 crore, making a one-time, pre-tax gain of Rs. 840 crore on the sale which boosted its overall profits. The sale helped DLF pare the massive debt it has on its books.

Talking about debt, the company continues to sit on a large pile of debt and in Q3, it managed to bring down debt by Rs.1870 crore. Currently, the debt stands at Rs.21,350 crore. The company’s will continue to sell its non-core assets and land parcels to bring down deb further. Its aim is to bring it down to Rs.10,000-11,000 crore over the next 3 years. And in Q1FY14, the promoters plan to sell stake to bring their holding down to the SEBI stipulated 75% from the current 78.58%, planning to raise Rs.3000 crore from this stake sale. It plans to raise another Rs.2500 crore through divestment of hospitality chain Amanresort and part of its wind energy business in current Q4.