DLF Q1 net profit at ₹337 cr

July 26, 2021

Realty major DLF Ltd on Monday reported a consolidated net profit of ₹337.17 crore for the quarter ended June 30. This was lower than the net profit of ₹477.41 crore recorded in the January-March quarter.

However, the latest bottomline performance was much better than that of the first quarter last year, when the company had reported a loss of ₹71.52 crore, largely due to the absence of economic activity owing to the countrywide strict lockdown imposed by the government.

The total income of the company for the quarter ended June 30, 2021 stood at ₹1242.27 crore, lower than ₹1906.59 crore in the March quarter of 2021. The company had reported a total income of ₹ 646.98 crore in the June quarter of 2020.

The Board of Directors has recommended a dividend of ₹2 per share (100 per cent) on equity shares of ₹2 each for the financial year ended March 31.

“We are witnessing encouraging demand in the residential business. Since the pandemic, the inherent demand for homes has gone up, it has reaffirmed that home is the safest place and is an important asset class for most families. However, the rental business is facing a temporary dislocation. With the Government leading the vaccination drive and allowing corporates also to do so, it is expected that the vaccinated staff of corporates will start returning to work gradually over the next few months,” said a DLF statement issued post the announcement of Q1 results.

The retail business is witnessing some short-term dislocations with intermittent local lockdowns. All DLF malls are now operational, though, with certain restrictions. Since the opening of themalls, the company is witnessing a steady increase in the footfalls, mirroring the trend of the second half of the financial year 2021, it added.

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