DLF Limited - India's leading real estate company, announced that it has received a ratings upgrade from the country's premier rating agency ICRA to AA- with Stable Outlook. This follows the recent rating upgrade done by another premier rating agency CRISIL in August. The long term rating has been upgraded to CRISIL AA- / Stable.
The ratings upgrade demonstrates the strong business fundamentals of the Company and reflects the underlying improvement in the operating performance. Some key points cited for the upgrade include:
- Strong sales momentum from new product launches across Gurugram
- Consistent reduction in net debt with improved collections and surplus cashflows
- Prime land parcels in marquee locations which are at historical costs and are fully paid
- Steady monetisation of completed inventory across the country
New product pipeline of 35 msf across geographies and segments will enable scaling up and consequently ensure steady cash flows over the following years. The company additionally draws further strength from its large rental portfolio which continues to deliver resilient performance and is now witnessing renewed demand.
“These rating upgrades from ICRA & CRISIL demonstrate the strength of the DLF brand and its strong business fundamentals. We continue to remain focussed on scaling up our new product launches, new sales bookings and collections. These upgrades will allow us to further strengthen our access to capital and improve our debt profile in the near term.” Said Vivek Anand, Group Chief Financial Officer, DLF Ltd.
Shares of DLF Limited was last trading in BSE at Rs. 374.85 as compared to the previous close of Rs. 376.65. The total number of shares traded during the day was 405193 in over 6255 trades.
The stock hit an intraday high of Rs. 383.20 and intraday low of 363.45. The net turnover during the day was Rs. 152012850.00.