DLF

DLF, India’s largest realty developer posted a 29% (YoY) rise in sales at Rs.2231 crore for Q1FY16. Its EBITDA for the quarter was up 9% at Rs.942 crore. The company has said that its net leasing rose to 0.21 million square feet v/s 0.1 million square feet (QoQ). Its finance cost jumped up 8% (YoY) at Rs.604 crore and this pushed down the net profit to Rs.121 crore, down 5%. Total expenses were up 37% but the biggest rise was in cost of land, plots, development rights and constructed properties, which rose 61%. And on a standalone basis, the company had a loss of Rs.102 crore. Debt currently stands at around Rs.21,000 crore, which is still pretty huge.

The company said that it was not launching any new projects as of now as the market I tepid. It is concentrating on completing existing projects and work on delivering these projects, to cash in when the market recovers. The company expects to deliver around 20 million square feet over next few quarters. DLF currently has a land bank of 300 million square feet and of this, 50 million square feet is under construction.