Real estate major DLF Ltd on January 25 reported a consolidated net profit of Rs 519.2 crore for the quarter ended December 31, up 36.8 percent from Rs 379.4 crore in the year-ago period, helped by rising demand across housing projects.
DLF's total income, however, fell to Rs 1,559.66 crore in the third quarter of this fiscal year from Rs 1,686.92 crore year ago, the company said in a regulatory filing.
The company’s residential business delivered a strong performance and clocked quarterly new sales bookings of Rs 2,507 crore, reflecting a Y-o-Y growth of 24 percent. Cumulative new sales for 9MFY23 stood at Rs 6,599 crore, reflecting a Y-o-Y growth of 45 percent.
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Its luxury offering – The Grove at DLF5, Gurugram, stands completely sold-out reaffirming demand for quality offerings at established locations, DLF said. Sales bookings during the quarter for this product stood at Rs 1,570 crore. The second phase of its recently launched product-The Valley Gardens in Panchkula clocked sales bookings of Rs 540 crore during the quarter, it said.
“We remain enthusiastic about the housing industry's intrinsic growth potential which continues to be supported by a resilient economy. Our focus remains on creating customer-centric products that provide a distinctive living experience with best-in-class amenities across our established ecosystems,” it said in a statement.
"We continue to work towards further deleveraging and consequently our Net Debt decreased to Rs 2,091 crore at the end of the quarter," it said.
The company's commercial arm DLF Cyber City Developers reported strong momentum across the retail business continues. The rental income grew to Rs 1,003 crore, a YoY growth of 15 percent.
Consolidated revenue at the unit rose to Rs 1,363 crore as compared to Rs 1,176 crore last year, reflecting a 16 percent YoY growth. EBITDA stood at Rs 1,061 crore, with a YoY growth of 16 percent and the net profit was at Rs 358 crore, reflecting a YoY growth of 27 percent, it said.
“Occupiers’ attendance across the portfolio continues to inch upwards with gradual recovery across the office segment. While global headwinds continue to persist leading to a challenging environment, we expect demand for quality office assets at established locations should continue to garner interest of large occupiers,” the company said.
New development across DLF Downtown, Gurugram and Chennai remains on track. Planning for the company’s upcoming retail destination, Mall of India at Gurugram is in advanced stages, the company said.
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