Real estate developer DLF on July 21 reported a consolidated net profit of Rs 526.11 crore for the quarter ended June 2023, up from Rs 469.21 in the same quarter last year, the company said in a regulatory filing.
The real estate developer's net profit exceeded analysts' estimates.
The total income in the April-June quarter stood at Rs 1,521.71 crore, a marginal increase from Rs 1,516.28 crore in the same quarter last year.
The company incurred a total expenditure of Rs 1,148.27 crore in the same quarter compared to Rs 1,170.52 crore last year.
The company also announced its re-entry into the Mumbai real estate market. DLF Home Developers Ltd's (DHDL) wholly-owned arm Pegeen Builders & Developers will allot 9,800 equity shares of Rs 10 each at par to Delhi-based realty firm Trident Buildtech.
For this DHDL has executed a securities subscription and shareholders' agreement, as per a separate regulatory filing. Pursuant to the allotment, the stake of DHDL, a subsidiary of DLF, in Pegeen will come down to 51 per cent. Currently, Trident, through its wholly-owned subsidiary Sahyog Homes Ltd, is developing a slum rehabilitation project in Andheri (West), Mumbai. Pegeen has also agreed to enter into a development agreement with SHL to develop the first phase of the project, the regulatory filing said.
First quarter sales
Overall, the new sales bookings for the quarter stood at Rs 2,040 crore, the company said.
“We remain optimistic about the demand for housing as the cycle continues to remain positive. We are gearing up for bringing new products into the markets during the fiscal. We believe that macro tailwinds along with the strong demand outlook augur well for our business,” the company said in a statement.
"We continue to focus on strengthening our balance sheet and cash generation. Strong collections led to a further reduction in net debt during the quarter. Consequently, our Net Debt now stands reduced to the lowest ever at Rs 57 crore,” it said.
The office portfolio maintained its stability, while the retail business continues to follow an upward growth trajectory. Q1FY24 consolidated revenue of DLF Cyber City Developers Limited stood at Rs 1,412 crore, reflecting YoY growth of 12 percent; consolidated profit for the quarter stood at Rs 391 crore, a y-o-y growth of 21 percent, the company said.
“We are experiencing strong demand for our new office developments. We have achieved pre-leasing of approximately 82 percent across our two new office complexes – DLF Downtown in Gurugram and Chennai,” it said.
It said that it remained enthused about the growth prospects of our retail business and remains committed to expanding our retail offerings in multiple markets.
The company’s rental business has been conferred as the world leader in LEED Zero Water. It holds over 45 LEED Zero Certifications by the US Green Building Council (USGBC).
The residential project developed by the Company - ‘The Crest’ has been voted as the ‘Project of the year’ by the US Green Building Council (USGBC).
“These awards are a testament to our leadership approach towards sustainability and adoption of green building practices,” the company said.
DLF has developed more than 158 real estate projects and developed an area in excess of 340 million square feet. DLF Group has 215 msf (approx.) of development potential across the residential and commercial segments. The group has an annuity portfolio of over 42 msf (approx).
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!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
