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New Delhi, May 30 : India’s largest realty firm DLF‘s sales bookings increased by 7 per cent last fiscal to Rs 4,070 crore, while its net debt fell by Rs 1,400 crore with the help from divestment of non-core assets. Yesterday, DLF reported a consolidated net profit of Rs 219.68 crore for the quarter ended March, 2014 on the back of gains from sale of hotel chain Amanresorts. It had registered a net loss of Rs 4.19 crore in the year-ago period. Also Read - DDA Warns of Fake Call Centre, Says it is 'Reaching Out' to Unsuccessful Housing Scheme 2019 Applicants

According to an analyst presentation, DLF’s sales booking increased to Rs 4,070 crore in 2013-14 fiscal against Rs 3,815 crore in the previous year, amid slowdown in demand. In volume terms, sales bookings fell to 3.74 million sq ft during last fiscal against 7.23 million sq ft in 2012-13. Also Read - DDA Housing Scheme 2019: Lottery Draw For Flat Allotment in Vikas Sadan Today, Check Details Here

“Slowdown in the economic environment resulted in moderate achievement against sales volume target. This is expected to continue for atleast next 2 quarters before we see improvement on the ground. Full revival is expected early next fiscal year,” DLF said. On debt position, DLF said that its net debt stood at Rs 18,526 crore as on March 31, 2014 — a drop of Rs 1,400 crore from Rs 19,926 crore at the end of the December 2013 quarter.

Debt reduction was possible with help from funds raised through divestment of luxury hospital chain Amanresorts and settlement with Delhi Development Authority (DDA). During January-March quarter, DLF sold Amanresorts, except Lodhi road property, for about Rs 2,200 crore. It also settled the dispute with DDA on the Dwarka Convention Center at Rs 676 crore. In the full 2013-14 fiscal, DLF raised Rs 5,930 crore through divestment of non-core assets.

“Given the current and future growth of annuity flows, the company is comfortable with the level of current net debt. In the near term, tactical divestments of land may continue to support capex/land related charges so that net debt remains range bound (+/-) Rs 500 crore of the current levels,” the presentation added. DLF said it would continue to focus on opportunities to improve quality and tenure of debt such as through issuance of Commercial Mortgage Backed Security (CMBS) etc. It recently raised Rs 525 crore through CMBS to replace costlier debt.

“Currently, the company has ‘finished stock’ worth Rs 4,000 crore (approx) and ‘launched & under construction stock’ in excess of Rs 13,000 crore (approx) and ‘new launches’ in pipeline worth Rs 7,000 crore (approx). As market improves, the company shall monetize this mature stock,” DLF said.