Begin typing your search...

Net debt of DCCDL rises 3% to Rs 19,640 cr in Jul-Sep

Net debt of DCCDL rises 3% to Rs 19,640 cr in Jul-Sep

Net debt of DCCDL rises 3% to Rs 19,640 cr in Jul-Sep

According to an investors presentation, the net debt of DLF's rental arm, DCCDL rose to Rs 19,640 crore as on September 30, 2021 from Rs 19,072 crore at the end of the first quarter of this fiscal year.

DCCDL's 58 per funding is from banks and around 78% of scheduled repayment is greater than 3 years.

"Debt levels to hold in the short term; expected significant reduction post REIT (Real Estate Investment Trust) listing," DCCDL said, adding "progress on getting DCCDL REIT ready remains on track."

In June, DLF said that its rental arm DCCDL would be completely ready in the next one year for the launch of REIT, but the timing of the public issue would be decided by the two JV partners based on market conditions.

DCCDL has rent-yielding commercial assets (office and retail) of around 35 million sq ft, with about Rs 3,500 crore annual rental income.

It is currently constructing 4.5 million square feet of office buildings in Gurugram and Chennai, leading to higher capital expenditure. Talking about operations of rental business, DCCDL said the rent collections remained steady and the long-term outlook remains positive.

On the office market front, it said that sentiments have improved post the second wave of COVID pandemic.

"Collections remain robust at 100 per cent. Office attendance is still low and impacting sentiments," the presentation said. On retail assets, DCCDL said that all malls are operational.

"consumption and footfall levels continue to witness steep recovery. International Luxury brands continue to outperform," the presentation said. DCCDL'S revenue grew by 8% at Rs 1,123 crore while the net profit increased 36% to Rs 231 crore during the second quarter of the current fiscal year.

In December 2017, DLF had formed a joint venture with GIC after its promoters sold their entire 40% stake in the DCCDL for nearly Rs 12,000 crore.

Dwaipayan Bhattacharjee
Next Story
Share it