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DLF Q1 profit jumps 39% to ₹469.57 crore, total income grows by 22%
The total income of DLF during the April-June period increased to ₹1,516.28 crore
DLF Ltd, India’s largest real estate developer, on Friday reported a 39% rise in net profit to ₹469.57 crore for the quarter-ended June, compared to ₹337.10 crore in the corresponding period a year ago, on the back of steady home sales.
Total income during the April-June period also jumped to ₹1,516.28 crore, up 22%, from ₹1,242.27 crore in the year-ago period.
Residential demand continues to show sustained momentum, with high demand for luxury homes. DLF said.
“Our residential business continues its steady performance and clocked new sales bookings of ₹2,040 crore, reflecting a year-on-year growth of 101%. While rising interest rates may pose some challenges, we expect this structural recovery in the residential segment to continue. We continue to bring newer offerings across multiple segments and geographies,” the developer said in a release.
Its super luxury project ‘Camellias' in Gurugram, clocked sales booking of ₹352 crore during the June quarter. Its new product offerings contributed ₹1,532 crore.
“We continue to remain committed towards surplus cash generation from our operations and it continues to be a key focus area. We generated surplus cash of ₹421 crore during the quarter which led to further deleveraging and consequently our net debt at the end of quarter stood at ₹2,259 crore, one of the lowest levels,” DLF said.
The rental arm DLF Cyber City Developers Ltd (DCCDL) said it witnessed steady improvement in occupiers’ attendance indicating return to normalcy in the office segment. With sustained collections and steady improvement in occupancy, the office segment is well poised for growth, it said.
DLF, which also operates shopping malls, said the retail business is seeing improvement in consumption trends, and organized retail is expected to gain further share with strong preference for good assets. Given these tailwinds, the company plans to grow its portfolio across multiple locations and aims to double our retail presence in the next few years.
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Business NewsCompaniesCompany ResultsDLF Q1 profit jumps 39% to ₹469.57 crore, total income grows by 22%
First Published:29 Jul 2022, 08:00 PM IST
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