Real estate major DLF Ltd on July 29 reported a 39 percent increase in its consolidated net profit to Rs 469.57 crore in the first quarter ended June 30, on the back of better sales. Its net profit stood at Rs 337.10 crore compared to the same period last year.
Its total income rose to Rs 1,516.28 crore in the first quarter from Rs 1,242.27 crore in the year-ago period.
Residential demand continues to exhibit sustained momentum. The high demand for luxury homes has been a key trend that is expected to continue, the company said in a statement.
The residential business continues its steady performance and clocked New Sales bookings of Rs 2,040 crore, reflecting a Y-o-Y growth of 101 percent, it noted.
The Camellias delivered a healthy sales booking of Rs 352 crore during the quarter. Its new product offerings continue to evince strong interest from the markets and made a healthy contribution of Rs 1,532 crore.
“While rising interest rates may pose some challenges, we expect this structural recovery in the residential segment to continue. We continue to bring newer offerings across multiple segments and geographies,” the company said.
The company generated surplus cash of Rs 421 crore during the quarter which led to further deleveraging and consequently its net debt at the end of the quarter stood at Rs 2,259 crore.
DLF Cyber City Developers Limited witnessed rental income growth of 20 percent Y-o-Y, driven by strong growth in retail revenues. Consolidated revenue was Rs 1,260 crore as compared to Rs 1,041 crore last year, reflecting a 21 percent Y-o-Y growth. The net profit stood at Rs 323 crore, reflecting a Y-o-Y growth of 60 percent.
Occupiers’ attendance continues to exhibit steady improvement indicating a return to normalcy in the office segment. With sustained collections and steady improvement in occupancy, the office segment is well poised for growth, the company said.The retail business continues to exhibit steady growth with improvement in consumption trends. Organised retail is expected to gain further share with a strong preference for quality assets at established locations. "Given these tailwinds, we remain committed to grow our portfolio across multiple geographies and hope to double our retail presence in the next few years," the company added.