The Supreme Court's decision to allow DLF to deposit the in remaining 480 crore fine in monthly installments with respect to the CCI case , is a welcome relief, Group CFO Ashok Tyagi said.
In a separate hearing, the apex court ordered status quo with respect to the 350 acres Wazirabad land allotment case . This land was allotted to the realty player in 2010 by the Haryana State Industrial and Infrastructure Development Corp. Ltd. The dispute arose when farmers challenged the acquisition of their land by the government.
Speaking to CNBC-TV18 about the company's future plans, he said the company would be launching one additional product in the luxury segment. DLF aims to clock Rs 3,500 crore of sales bookings in FY15.
Below is the verbatim transcript of Ashok Tyagi's interview with Latha Venkatesh and Sonia Shenoy on CNBC-TV18.
Sonia: If you could tell us how you will be financing this entire payment that you have to make of Rs 630 crore? I understand that it will be in instalments now but will you finance it through profitability, through your cash reserves, what will be the debt situation now and how much pressure would you see?
A: Even in our analyst presentation and that stand continues that obviously while post the order that we got from Securities and Exchange Board of India (SEBI), which did to some degree impact our ability to raise money through non-convertible debentures etc but we are working with the banks to ensure that we stay liquid and we should hopefully do so. However, it will be very obvious to say that this is a welcome relief to the degree that the honourable Supreme Court (SC) had given it and we will obviously pay it as and when the court demands it.
Latha: Overall what is the working capital and debt position? Are things getting a little better even if you cannot access the equity markets, on the debt side are things getting a little better because banks are saddled with a lot of cash and very few borrowers, effectively is borrowing rates coming down?
A: The way I would say it is the borrowing rates on the rental assets, which is the lease/rental discounting and mortgage bound and those sort of products are clearly southwards. The borrowing rates on the development side of the business are still firm at somewhere between 12.5 percent and 13 percent levels but on the rental side, clearly they are on the downward trend for sure.
Latha: This particular relief that you don't have to pay Rs 480 crore right away will improve things a bit or is it just that a potential problem has gotten resolved that's all?
A: I think it is the latter because the fact is that I still need to provide for Rs 480 crore, it is just that across -- instead of it being on a single day, it needs to be provided across maybe a period of 6-7 months but clear liquid provision has to be carried in the books and in the treasury to ensure that whatever is the final SC decision, is honoured.
Latha: Can you size up the urban development ministry's approval for higher floor area ratio (FAR) for Delhi, both for you and for the industry? For you does it, give you the capacity to build anything more at all, what is the land you own and how much more can you build but more importantly, for the industry is elbow room to build more not negative for realisations?
A: I think if one can sort of be slightly more than myopic beyond the immediate quarter or two or the pricing P/Es, anything which strengthens the supply pipeline in the major metros is a welcome step.
Clearly the notification is split into two halves, one is the below 1,000 sq yards and the other is above 1,000 sq yards. Obviously in the relaxations in the 750-1,000 sq yards bucket -- I don't think we are an active player in that but it would clearly give a boosted supply to a lot of those independent floor products that exist in Delhi. I think the implications on the larger plots and how do they impact the group housing societies that we are developing is something that we need to study but overall anything which strengthens FAR makes it more realistic and improved supply is a good development in the medium-term.
DLF stock price
On December 01, 2014, at 11:05 hrs DLF was quoting at Rs 150.50, up Rs 1.15, or 0.77 percent. The 52-week high of the share was Rs 242.80 and the 52-week low was Rs 100.00.
The company's trailing 12-month (TTM) EPS was at Rs 3.29 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 45.74. The latest book value of the company is Rs 93.40 per share. At current value, the price-to-book value of the company is 1.61.
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