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ICICI Securities Report
DLF Ltd. achieved a significant QoQ operational improvement in Q2 FY21 across segments with Rs 4.7 billion of net residential sales bookings (up three times QoQ) and 9% QoQ increase in DLF Cyber City Developers Ltd. rental income to Rs 7.2 billion on account of recommencement of mall rentals.
The company’s net debt (excluding DCCDL) remained flat QoQ at Rs 52.2 billion on account of reduction in overheads and interest costs.
The company is comfortably positioned with Rs 15 billion of cash reserves and low net debt/equity of 0.2 times.
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