DLF on October 30 reported a consolidated net profit of Rs 629 crore in the second quarter of this fiscal, up by 29 percent YoY. Total income from operations rose marginally to Rs 1,476 crore crore in July-September of 2023-24 from Rs 1,360 crore in the year-ago period, according to a regulatory filing.
The company's sales bookings touched Rs 2,228 crore in Q2 with gross margins at 57 percent. It also said that it achieved net cash-positive status during the quarter.
EBITDA stood at Rs 591 crore in Q2 while the surplus cash generation from operations touched Rs 1,147 crore.
"We have delivered on our commitment to achieving a net debt zero position. We will continue to further strengthen our balance sheet through consistent cash generation," the regulatory filing added.
The company said, its super luxury offering, The Camellias in DLF 5, Gurugram, saw healthy demand during the quarter and continues to set new benchmarks vindicating strong demand for high-quality residential products.
The collections in Q2 continued to remain healthy resulting in record cash flow generation during the quarter. Consequently, post dividend payout of Rs 990 crore, DLF achieved a net cash position of Rs 142 crore at the end of the second quarter.
"We continue to see sustained demand momentum across all segments and hence keep a positive outlook on the housing cycle. Our new product launches that have been planned for the second half of the fiscal remain on track and we remain committed to bringing calibrated supply across our key markets and leveraging this growth cycle," it added.
For the office portfolio in Q2, the consolidated revenue of DLF Cyber City Developers Limited stood at Rs 1,463 crore, reflecting YoY growth of 7 percent; consolidated profit for the quarter stood at Rs 416 crore, a YoY growth of 17 percent.
"Our occupancy across the non-SEZ segment has inched back to 97 percent, demonstrating the high quality and inherent demand for such products, while SEZ occupancy stood at 85 percent. Our new office developments continue to garner occupiers’ interest and consequently have achieved a pre-leasing of 89 percent across our two new office complexes – DLF Downtown in Gurugram and Chennai," the company said in a statement.
While the retail business continued its growth trajectory, the company said it expects the construction of the large retail complex in Gurugram to start during the current fiscal.
DLF is the largest real estate company in terms of market capitalisation. It has so far developed more than 153 real estate projects comprising over 330 million square feet of area. The Group has 215 million square feet of development potential across residential and commercial segments. The group has a rent-yielding commercial portfolio of over 40 million square feet
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
