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A company that develops commercial real estate is called Delhi Land & Finance (DLF Limited). Its headquarters are in New Delhi, India, and Chaudhary Raghvendra Singh created it in 1946.

Model Town, Rajouri Garden, Krishna Nagar, South Extension, Greater Kailash, Kailash Colony, and Hauz Khas are just a few of the residential colonies that DLF has built in Delhi. DLF constructs homes, businesses, and retail spaces.

Realty firm DLF’s net debt has come down by 92 per cent to Rs 57 crore — the lowest level — at the end of the first quarter of this fiscal on better cash flow driven by strong housing sales.

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According to an investors’ presentation, DLF’s net debt stood at Rs 57 crore as on June 30, 2023, as compared to Rs 721 crore at the end of the 2022-23 fiscal. During the period under review, the company’s gross debt also fell to Rs 3,068 crore from Rs 3,840 crore.

“We continue to focus on strengthening our balance sheet and cash generation. Strong collections led to a further reduction in net debt during the quarter. Consequently, our net debt now stands reduced to the lowest ever at Rs 57 crore,” DLF’s Group Chief Financial Officer Vivek Anand told investors.

As per the transcript of the investors’ call, Anand said, “With these low levels of debt, we have almost achieved our commitment of being net zero and hopefully should end the year with a surplus cash position.” Recently, DLF reported a 12 per cent rise in consolidated net profit at Rs 527 crore in the first quarter of this fiscal and announced its re-entry into the Mumbai property market to develop a housing project.

The company’s net profit stood at Rs 469.57 crore in the year-ago period.

Total income rose marginally to Rs 1,521.71 crore in the April-June period of the 2023-24 financial year from Rs 1,516.28 crore in the year-ago period, according to a regulatory filing.

DLF’s sales bookings remained flat at Rs 2,040 crore in the June quarter.

The company also announced it will invest Rs 400 crore as equity to develop a real estate project, comprising 35 lakh square feet of estimated saleable area, in Mumbai in partnership with NCR-based builder Trident Group.

The company plans to launch the first phase of the Mumbai project, comprising 9 lakh square feet of residential space, by the end of this fiscal year.

DLF is India’s largest realty firm in terms of market capitalisation.

It has developed more than 158 real estate projects and an area of over 340 million square feet.

DLF Group has 215 million square feet of development potential across residential and commercial segments.

The group has an annuity portfolio of over 42 million square feet.