DLF, the country's largest listed developer, is looking at sales bookings of eight million square feet, amounting to value of Rs 6,000 crore in the current financial year.
The company has done sales bookings of 7.23 million sq ft during the last financial year with a value of Rs 3,815 crore.
The sales booking will come from its two existing projects in national capital region and new projects in Lucknow, Panchkula in north and Chennai in South among others, said Ashok Tyagi, chief financial officer of the company in a conference call with analysts today.
The company is looking at spending Rs 3,300 crore on construction and Rs 1,500 crore in land and capex in FY 2014, Tyagi said.
On the Punjab and Haryana high court on Wednesday stayed the construction, sale and marketing of DLF’s Crest project in Gurgaon on a petition filed by the resident welfare association (RWA) of DLF Park Place, Tyagi said the company would represent its facts and hoped that the issue should get resolved soon.
The company has sold 0.8 million sq ft of properties in the project at an average price of Rs 17,000 per sq ft.
On the debt reduction, the company hopes to achieve at a net debt of Rs 17121 crore by March 2014 through sale of Aman Resorts, wind divestments and so on.
DLF had a net debt of Rs 21,731 crore as on April 1, 2013.
“We are focusssed on reducing the debt by half in the next three years,” said Saurabh Chawla, Saurabh Chawla, executive director at DLF in the call.
In the presentation uploaded on its site, the company said it would aim to have free cashflows by FY15 and EBIDTA of Rs 8200 crore in the next three years.
“If we generate revenues of Rs 10,000 an year, we can achieve that kind of EBIDTA,” Tyagi said.
However, an analyst from US based brokerage said though their revenue target is achievable, the company has taken three years to achieve the targeted EBITDA of Rs 8,200 crore, the analyst said.
The company’s stock ended the day Rs 194.85, down 5.41% from previous close.
