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Bengaluru: DLF Ltd, India’s largest real estate developer, on Monday reported a net profit of 337.17 crore in the June quarter, compared to a net loss of 71.52 crore in the corresponding period a year ago when construction activities were limited due to the national lockdown, leading to almost no revenue recognition and poor operating cash flows.

Its total income nearly doubled to 1242.27 crore compared to 646.98 crore during the same period.

DLF said is it witnessing encouraging demand in the residential business.

“Since the pandemic, the inherent demand for homes has gone up, it has reaffirmed that home is the safest place and is an important asset class for most families. New sales bookings exhibited sustained performance sequentially and stood at 1,014 crore, reflecting a year-on-year growth of 567%," the developer said in a statement.

The launch of independent floors across Gurugram continues to garner good response and exhibited healthy absorption trends, DLF said. It clocked new products sales booking of 542 crore during the quarter.

“We remain enthused with this growing demand in the residential markets and expect this growth cycle to continue in the long run. With this strong outlook and all fundamental drivers supporting the residential segment, we continue to focus on bringing new product offerings across segments and geographies," DLF said. “We continue to focus on improving our collections and tight cost control measures have led to surplus cash generation of 141 crore during the quarter. Consequently, our net debt stood at 4,745 crore."

Under its rental arm DLF Cyber City Developers Ltd (DCCDL), the commercial office business has shown year-on-year growth while the shopping mall segment has been impacted again.

“The retail business is witnessing some short-term dislocations with intermittent local lockdowns. All our malls are now operational, though, with certain restrictions. Since the opening of these malls, we are witnessing a steady increase in the footfalls, mirroring the trend of the second half of FY21," the company said.

DLF said the rental business is facing a temporary dislocation and expects that with the vaccination drive across the country staff at corporates will start returning to work gradually over the next few months.

It expects demand for office space to return in the second half of the year.

DLF is also working on getting DCCDL real estate investment trust or REIT ready and expects to complete it by the end of 2021-22.

The company also announced a dividend of 2 per share for the last fiscal year.

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