DLF reduces debt by Rs 2,000 crore, launching new projects

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SummaryThe country's largest realty player DLF has reduced its net debt by Rs 2,000 crore during the ongoing quarter to Rs 21,220 crore on the back of sale of its prime land in Mumbai to Lodha Developers.

ft of new launches each, it added.

DLF further said launching of 'high impact' projects may have positive impact on the financials of this fiscal, and will give "high degree of visibility of cash flows and

earnings" over the next 3-4 years.

For the new launches, necessary approvals from required authorities, planning and cost estimates are continuing as per schedule, the DLF presentation said.

"All headwinds in the form of escalated interest costs, cost inflations and scarcity of labour (delayed execution) are behind us. Large number of previous projects (about 15 million sq ft) are getting delivered in H2 of FY'13," it added.

On Monday, DLF had reported 62.81 per cent fall in its consolidated net profit for the quarter ended September 30, 2012, at Rs 138.51 crore due to decline in sales. It had

posted a net profit of Rs 372.41 crore in the corresponding period last year.

The consolidated sales during the second quarter fell by 19.46 per cent to Rs 2,039.54 crore from Rs 2,532.41 crore in the year-ago period.

The company's hotel and insurance businesses suffered a combined loss of Rs 82.88 crore during July-September period of 2012-13 financial year.

During the second quarter, DLF registered sales booking of 1.59 million sq ft of area, the statement said.

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