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CRISIL said that the upgrade in rating reflects improvement in business risk profile driven by all-time high sales booking, substantial liquidation of inventory, healthy launch pipeline and steady receivables. Further, financial risk profile of DLF has also strengthened marked by continued deleveraging and strong financial flexibility. These strengths are partially offset by susceptibility to risks and cyclicality inherent in the real estate sector along with large contingent liabilities and pending litigation, the rating agency added. CRISIL Ratings expects DLF is likely to generate healthy cash flow through new launches, liquidation of inventory in the absence of any large, debt-funded capex and pursuit of short-cycle projects while continuing to benefit from its strong market position. DLF is one of the oldest and largest real estate companies in India. It has a diverse asset portfolio across the real estate segment and is further expanding its presence across the country. The company has experience in developing real estate projects across business and customer segments. For the nine months ended 31 December 2022, DLF reported profit after tax (PAT) of Rs 1,464 crore on operating income of Rs 4,239 crore against Rs 1,095 crore and Rs 4,170 crore, respectively, for the corresponding period of the previous fiscal. The scrip added 1.10% to end at Rs 352.45 on the BSE yesterday. The domestic stock market is shut today, 30 March 2023, on account of Ram Navami. Powered by Capital Market - Live News
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