Realty major DLF on Tuesday said it is targeting sale bookings of about Rs 13,000 crore during this fiscal year on strong demand and also announced it has achieved zero net debt during the September quarter.
The company has achieved a 9 per cent growth in sale bookings to Rs 2,228 crore during the second quarter of this fiscal from Rs 2,052 crore in the year-ago period. In the first quarter, the sale bookings were flat at Rs 2,040 crore.
In an investors' call, DLF MD Ashok Tyagi said, "We have given a sales bookings guidance of Rs 12,000-13,000 crore for this fiscal year."
In the first six months of this fiscal year, DLF achieved sales booking of Rs 4,268 crore. The company is confident of achieving the target as it will launch many new projects by March.
With a rise in prices of luxury properties, especially in Gurugram, Tyagi said there is an upside risk of exceeding the sale bookings target.
On debt, Tyagi said the company has hit the "zero debt" mark.
According to the investors' presentation, the company has a net cash positive of Rs 142 crore.
Its gross debt stood at Rs 3,012 crore at the start of the second quarter and the company took a fresh debt of Rs 12 crore during July-September. With cash in hand of Rs 3,165 crore, the company has a net cash positive of Rs 142 crore.
During the September quarter, DLF said, it sold 14 units at its super-luxury housing project 'The Camellias' for Rs 720 crore. The company sold commercial units worth Rs 160 crore.
DLF Group Executive Director and Chief Business Officer Aakash Ohri told analysts that prices of apartments in the luxury project have increased in the last few years and are ruling at about Rs 75,000 per square foot for lower floors. The rates for upper floors are higher by around 20 per cent.
In the secondary market, there are reports of a deal concluding at nearly Rs 1 lakh per square foot recently.
On Monday, DLF said, "Our new products and existing inventory continue to evince strong customer interest. Our super luxury offering - The Camellias in DLF 5, Gurugram, saw healthy demand during the second quarter and continues to set new benchmarks vindicating strong demand for high-quality residential products backed by a strong brand".
DLF said it continues to see sustained demand momentum across all segments and hence keeps a positive outlook on the housing cycle.
"Our new product launches that have been planned for the second half of the fiscal remain on track and we remain committed to bringing calibrated supply across our key markets and leverage this growth cycle," the company said.
On Monday, DLF reported a 31 per cent rise in consolidated net profit to Rs 622.78 crore for the second quarter of this fiscal year on higher revenue. Its net profit stood at Rs 477.04 crore in the year-ago period.
Total income increased to Rs 1,476.42 crore over Rs 1,360.30 crore in the corresponding period of the previous year.
During the April-September period of this fiscal, DLF's net profit rose to Rs 1,149.78 crore from Rs 946.61 crore in the year-ago period.
Total income grew to Rs 2,998.13 crore in the first six months of this fiscal from Rs 2,876.78 crore in the corresponding period of the previous year.
DLF has developed more than 158 real estate projects and an area in excess of 340 million square feet.
It has about 215 million square feet of development potential across the residential and commercial segments.
The group has an annuity portfolio of over 42 million square feet. Its rental assets are parked into DLF Cyber City Developers Ltd (DCCDL), a joint venture with Singapore sovereign wealth firm GIC.