DLF’s net debt fall 73% in FY23
Realty major DLF reduced its net debt by 73 per cent to Rs 721 crore in the last fiscal on better sales amid strong housing demand.
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New Delhi: Realty major DLF reduced its net debt by 73 per cent to Rs 721 crore in the last fiscal on better sales amid strong housing demand. The net debt of its joint venture firm DLF Cyber City Developers Ltd (DCCDL), which holds rent-yielding office and retail assets, came down to Rs 18,772 crore in 2022-23 from Rs 19,063 crore in the previous year.
DLF, the parent firm, is mainly into housing (development business) although it continues to hold some commercial assets. The commercial rental business is in DCCDL, which is a joint venture between DLF and Singapore sovereign wealth fund GIC. DLF has nearly 67 per cent stake in the JV firm, while GIC has the remaining. According to an investor presentation, DLF's net debt stood at Rs 721 crore as of March 31, 2023, from Rs 2,680 crore at the end of the 2021-22 financial year.
