Shares of DLF scaled a 52-week high of Rs 525.75 on September 5 after the real estate major said to have a pipeline of residential project launches worth nearly Rs 20,000 crore spread across the country scheduled for this fiscal.
At 10.40am, shares of the company traded 1.19 percent up at Rs 519.90 on the BSE.
The DLF residential launch pipeline of close to Rs 20,000 crore is spread across Gurugram, Panchkula, Chennai and Mumbai, Joint Managing Director and Chief Business Officer Aakash Ohri told Moneycontrol.
The launche pipeline includes a super-luxury residential project in DLF 5 in Gurugram, a high-rise luxury residential development complex coming up in the heart of Chennai, a mid or high-rise in New Gurugram, Sector 76/77 and a residential low-rise coming up in Chandigarh Tri-city.
Follow our market blog for all the live action
“We have a couple of high-rise launches planned for Gurugram. One is a mid segment and one is a super luxury segment expected to be launched in Q3 and Q4. A mid-segment independent floors project is expected to be launched in Panchkula in the coming quarters. The Mumbai project is expected to be launched in Q4. The project in Chennai is likely to be launched in Q4 or Q1 of next fiscal. It is in the design and approval stage right now. A portion of OneMidtown in Delhi (one tower) is expected to be launched in Q3 or Q4,” he told Moneycontrol.
Read full story: DLF lines up Rs 20,000 crore residential launch pipeline across the country
Shares of DLF are up 36 percent this year till date.
DLF recently reported a 12 percent rise in consolidated net profit at Rs 527 crore in the first quarter of this fiscal and announced its re-entry into the Mumbai property market to develop a housing project. The company's net profit stood at Rs 469.57 crore in the year-ago period.
Total income increased marginally to Rs 1,521.71 crore in the April-June period of 2023-24 from Rs 1,516.28 crore a year ago. DLF's sales bookings remained flat at Rs 2,040 crore for the June quarter.
DLF's net debt has come down by 92 percent to Rs 57 crore - the lowest level - at the end of the first quarter of this fiscal on better cash flow driven by strong housing sales.
According to an investors' presentation, DLF's net debt stood at Rs 57 crore as on June 30 as against Rs 721 crore at the end of 2022-23. During the period under review, the company's gross debt also fell to Rs 3,068 crore from Rs 3,840 crore.
"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 stands reduced to the lowest ever at Rs 57 crore," DLF's Group Chief Financial Officer Vivek Anand told investors.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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!
