DLF is amongst the top five losers on the BSE, going down over 6.5% to Rs.194.20 and continues to remain firmly in the red.

The company posted a very dismal set of numbers for Q2FY18. The effect of demonetization and RERA clearly shows; more importantly, the company’s debt continues to surge.  The company had stopped booking all sales from May to Oct to understand RERA and its implications. Bookings have since then opened from 1st Nov.

DLF’s revenue was down 23% (YoY) at Rs.1588 crore and post the hefty interest payment and expenses, the net profit slipped by a big 93% at Rs.14 crore.

Debt, which has always been the bone of contention continues to remain a big issue. In fact its net debt rose by Rs.900 crore from Rs.25,899 crore to Rs.26,799 crore (QoQ).

The company has stated that it expects infusion of over Rs 13,000 crore into the firm, which will include Rs 10,500 crore from promoters and another Rs 3,000 crore from institutional investors to maintain the minimum public shareholding. These proceeds are expected to come in by Feb’18 and it expects the lower debt to start reflecting before the end of FY18.