DLF Q1 net profit up 12% to ₹527 crore

July 21, 2023

Real estate major DLF reported a 12 per cent growth in year-on-year consolidated net profit in Q1 at ₹527 crore. Net profit in the year-ago period was ₹470 crore.

The company’s consolidated revenue for the period stood at ₹1,522 crore, while gross margins were at 52 per cent. EBITDA stood at ₹495 crore.

New sales bookings for the quarter stood at ₹2,040 crore. In a statement to the bourses, the company said it remains optimistic about the demand for housing, with the cycle continuing to remain positive.

Also read: Vedanta Q1 FY24 net down 41% on lower realisation 

The real estate major said it will introduce new products this fiscal, and macro tailwinds along with strong demand outlook, augurs well for the business.

Strong collections led to a net debt reduction during the quarter. Net debt as on June 30 was ₹57 crore.

Office portfolio

In Q1 FY24, consolidated revenue of DLF Cyber City Developers Limited stood at ₹1,412 crore, up 12 per cent y-o-y, and consolidated profit stood at ₹391 crore, up 21 per cent y-o-y.

Demand in the segment remained strong, the company said, adding that it achieved pre-leasing of 82 per cent across two new office complexes – DLF Downtown in Gurugram and Chennai.

To re-enter Mumbai

On Thursday, the company also announced its re-entry into the Mumbai market. One of DLF’s step-down subsidiaries, Pegeen Builders & Developers, will allot 9,800 equity shares of ₹10 each at par to Delhi-based Trident Buildtech. This will bring down the holding of DLF Home Developers Ltd, a DLF subsidiary, to 51 per cent in Pegeen.

Trident, through its subsidiary, Sahyog Homes, is scheduled to carry out a slum rehabilitation project in Mumbai’s Andheri (West). Pegeen will now enter into a development agreement with Sahyog Homes to develop the first phase of the project. In a statement to the bourses, DLF said DHDL has executed a securities subscription and shareholders’ agreement.

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