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BENGALURU : DLF Ltd, India’s largest real estate firm, posted a 9% rise in quarterly net profit helped by a continuing recovery in demand in the residential segment.

Profit in the three months ended 31 December rose to 449 crore from 413.10 crore a year earlier. Revenue grew 9% to 1,668.22 crore from 1,533.34 crore, DLF said in a regulatory filing on Friday.

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DLF also said that Rajeev Talwar, its chief executive since 2015, has decided to retire after a long association with the company.

Demand in the residential business is improving, aided by lower interest rates, government incentives and quality supply with affordability, DLF said.

In the December quarter, DLF launched independent floors in DLF City, which received a favourable customer response. New sales bookings for the quarter rose to 1,022 crore, a 40% increase from the year earlier.

“We continue to step up on new launches and remain focused on creating a healthy pipeline of new products offering diversity across segments and geographies. We remain focused on cost optimization and tight working capital management," DLF said. The company ended the quarter with a positive cash flow of 115 crore and net debt of 5,100 crore.

The quarter closed with positive cash flow of 115 crore and net debt was at 5,100 crore.

During the quarter, DLF Cyber City Developers Ltd (DCCDL) entered into a securities purchase agreement with funds managed by Hines for acquisition of its stake in Fairleaf Real Estate Private Limited, which manages 'One Horizon Center', for Rs780 crore.

The transaction is expected to be closed by March.

In its process for getting the rental business real estate investment trust (Reit) ready, DCCDL has engaged advisors for its rental business and said it is hopeful that the process should be completed in the next 12 months.

DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore's sovereign wealth fund GIC Pte Ltd, owns and operates a 35 million sq ft ready rental portfolio, of which around 3 million sq ft is retail space and the rest is office.

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