As expected, DLF did not really post any earth shattering numbers for Q2FY14. The company continues to grapple with the same issues which it has over the past few quarters – low sales, high interest and tax outgo. In current Q2 too it was no different and all these factors together pushed down the consolidated net profit to Rs.100 crore, down 28% (YoY). Income from operations were down 4% at Rs.1956 crore.

Its biggest bane, its huge debt continues to haunt the company and the market. The net debt of DLF as at 30^th Sept 2013 stood at Rs.20,369 crore. By end of current fiscal, the company hopes to bring it down to Rs.17,500 crore which in itself remains pretty steep. Interest outgo for H1Fy14 stood at Rs.1200 crore, which eats away 28% of the revenue quarter. With the rate cycle expected to be on the upward swing, the burden of this cost is only expected to rise further. Till debt remains elevated and demand remains low, investors getting attracted to DLF seems remote.