India's largest realty firm DLF Ltd on October 25 reported a 121 percent YoY jump in its consolidated net profit at Rs 1,387 crore for the quarter ended September 30, 2024. The company had posted a net profit of Rs 628 crore in the year-ago period, the company said in a regulatory filing.
DLF's consolidated revenue surged 48 percent YoY to Rs 2,181 crore in the July-September 2024 quarter as compared to Rs 1,476.42 crore in Q2FY24.
The company said that the net Profit of Rs 1,387 crore includes reversal of deferred tax liabilities of Rs 606 crore, pursuant to change in tax rate on long term capital gain on enactment of the Finance Act, 2024.
Total expenses of the company rose by around 58% YoY to Rs 1,604.22 crore in Q2FY25 from Rs 1,012.45 crore in Q2FY24. The company received new sales bookings of Rs 692 crore and has healthy operating cash surplus at Rs 1,211 crore, the company said.
"The outlook for the residential business continues to be strong and our development business continues to exhibit steady performance. The approval for our super luxury offering-'The Dahlias' in DLF 5, Gurugram, have since been received in the early part of the current quarter. New sales bookings for the first half of the fiscal stands at Rs 7,094 crore and we remain on track to meet our guidance for the full fiscal," DLF said.
The company said that DLF's net cash position stood at Rs 2,831 crore at the end of the period despite a higher dividend payout of Rs 1,238 crore during this quarter.
The company's gross margins came in at 45 percent while the gross margins in the previous quarter were at 51 percent.
Rental business
The company said that its rental business continued steady performance during the period.
Q2FY25 consolidated revenue of DLF Cyber City Developers Limited (DCCDL) stood at Rs 1,653 crore, reflecting YoY growth of 13 percent. Consolidated profit for the quarter stood at Rs 521 crore, registering a growth of 25 percent as compared to Q2FY24.
Also Read: DLF to construct three new malls, grow commercial portfolio: Sriram Khattar
"Our rental business is experiencing a positive upturn and is demonstrating steady growth. Encouraged by these strong trends, we have accelerated our capex commitments to fuel growth of our rental portfolio and have commenced development of the subsequent phases of Downtown Chennai and Downtown Gurugram totaling around 11 msf which includes a large 2 msf (approximate) retail destination in Gurugram. Our ongoing projects, including Atrium Place in Gurugram and three retail malls, remain on track to commence rents in the next fiscal," the company said on October 25, 2024.
In Q1FY25, DLF had reported a 23 percent YoY jump in its net profit at Rs 646 crore for the quarter ended June 30, 2024. The company had posted a net profit of Rs 526.11 crore in the year-ago period.
In Q1FY25, DLF's consolidated revenue had surged nearly 14 percent YoY to Rs 1,729.82 crore compared to Rs 1,521 crore in Q1FY24.
On October 25, DLF's shares on BSE closed 3% lower at Rs 777.7 apiece.
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