DLF to restructure its biz verticals, no lay-offs in offing
Realty giant DLF is restructuring its various business verticals for improving the efficiency and productivity of the company, but it said that this would not lead to lay-off of its employees.india Updated: Jan 20, 2009 21:06 IST
Realty giant DLF is restructuring its various business verticals for improving the efficiency and productivity of the company, but it said that this would not lead to lay-off of its employees.
According to sources, DLF, the country's biggest real estate developer, is restructuring its various business verticals such as homes, offices, retail, Special Economic Zone (SEZ), hotels and infrastructure.
At present, all the DLF verticals have separate human resource (HR), accounts and marketing departments, which would be integrated as part of cost-efficiency measures seeing the current market condition, they added.
When contacted, DLF spokesperson said: "This is a part of our continuous effort to enhance efficiency and productivity of the company".
He, however, clarified that restructuring process would not lead to retrenchment of its staff.
"As far as employees strength is concerned, it will be given at the time of announcement of quarterly result and we are not looking at laying off people," spokesperson said.
While announcing the result for the second quarter of the fiscal on October 31 last year, DLF had listed strategy that company would adopt to face the current turbulence in the real estate industry.
DLF Vice-Chairman Rajiv Singh had said that the company plans to "shorten planning/design cycle, prioritise execution of projects in line with demand/product mix and reduce non-essential costs to achieve maximum efficiency".
The company has over 750 million sq ft of development right with the land bank in 32 cities.
It's consolidated revenue grew by 15 per cent to Rs 3,840 crore for the quarter-ended September 30, 2008 against Rs 3,349 crore in the year-ago period. Net profit fell to Rs 1,934 crore from Rs 2,018 crore in the review period.