DLF eyes debt-free status in FY19 after stellar performance in Q3

The biggest real estate developer in the country, DLF, is planning to get rid of its entire debt in 2018-19 (FY19), after a stellar performance in the October-December (Q3) quarter of this financial year (FY18).

In Q3FY18, DLF’s profit jumped nearly 42 times to Rs 40.91 billion, after it sold a stake in its rental arm to GIC. In the same period of FY17, its profit was Rs 980 million. It now wants to use its large inventory of residential property as well as a proposed qualified institutional placement (QIP) to go debt-free. DLF’s net debt now is Rs 55.13 billion,