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BENGALURU : DLF Ltd, India’s largest real estate developer, on Friday said it has posted a net profit of 477.37 crore for the quarter-ended 31 March 2021.

The company had reported a net loss of 1,860 crore for the corresponding period a year ago, after a one-time, exceptional tax provision of Rs272 crore and a deferred tax asset (DTA) reversal of Rs1,916 crore, on adoption of lower tax rate.

The real estate firm’s total income marginally rose by 1.74% to 1906.59 crore in the March quarter from 1873.80 crore a year ago.

DLF also said two of its executives Ashok Kumar Tyagi and Devinder Singh, who are whole-time directors, have been re-designated as CEOs. They will continue to be directors as well.

Tyagi and Singh replace Rajeev Talwar, who was CEO since August 2015. In January this year, DLF said Talwar has decided to retire.

In December 2018, Tyagi had replaced Saurabh Chawla as group chief financial officer. However, less than a year later, Vivek Anand was appointed as the new group CFO.

Both Tyagi and Chawla were instrumental in the game-changing deal when DLF promoters sold their 40% in its rental arm DLF Cyber City Developers Ltd (DCCDL) to GIC Pte Ltd.

DLF chairman Rajiv Singh's daughters Savitri Devi Singh and Anushka Singh have been appointed as non-executive and non-independent directors.

DLF said that the demand in the residential business showed a strong comeback and new sales bookings for 2020-21 stood at 3,084 crore, reflecting a year-on-year growth of 24%.

“We are enthused with the recovery witnessed in the residential markets and expect this growth cycle to continue in the long run. Given the strong outlook for the residential segment, we continue to embark on this upcycle by scaling our new products offering across segments and geographies," DLF said in a statement.

The developer said its fresh product launches of independent floors in DLF City and New Gurgaon witnessed good absorption vindicating demand for quality products in established locations. It has clocked new products sales booking of 908 crore in the second half of 2020-21.

“Optimized cost structures and efficient working capital management coupled with a steady ramp-up in collections led to positive cash flows in all quarters. Consequently, our net debt stood at 4885 crore, a reduction of 382 crore," DLF added.

It also said that the progress on getting DCCDL ready for a real estate investment trust (REIT) remains on track.

“The rental business is witnessing some short-term impact with new leasing activity remaining tepid due to the resurgence of the pandemic. We, however, believe it is a temporary blip, and the underlying attractiveness of the Indian market is expected to remain in place. The IT sector, including captives, continued to exhibit growth and hiring activity is expected to rise; hence, we continue to maintain a positive outlook for the rental business," it said.

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