DLF profit declines by 16pc to Rs 405 cr in January-March
Realty major DLF on Tuesday reported a 16 per cent decline in its consolidated net profit to Rs 405.33 crore for the quarter ended in March due to lower income.
Its net profit stood at Rs 480.94 crore in the year-ago period, the company said in a regulatory filing.
Total income declined to Rs 1,652.13 crore during the fourth quarter of the last fiscal from Rs 1,906.59 crore in the corresponding period of the previous year.
Net profit rose to Rs 1,500.86 crore during the last financial year from Rs 1,093.61 crore in the 2020-21 fiscal year. Total income rose to Rs 6,137.85 crore in 2021-22 from Rs 5,944.89 crore in the previous year.
In a statement, DLF said that its sales bookings more than doubled to Rs 7,273 crore. Net debt at the end of fiscal stood at Rs 2,680 crore, a 46 per cent Y-o-Y reduction.
Housing demand continues to exhibit a structural upswing across segments and geographies, it said.
“Residential business exhibited a record performance in the fiscal. We witnessed strong growth across all our segments with luxury segment leading this trend,” the statement said.
DLF’s super luxury offering – The Camellias, continues to evince strong customer interest and delivered healthy sales bookings of Rs 2,550 crore during the fiscal.
New products sales bookings stood at Rs 4,683 crore during the fiscal.
“We continue to place enhanced focus on surplus cash generation from our operations,” DLF said.
“Strong collections along with sales ramp-up led to one of the highest levels of surplus cash generation of Rs 2,205 crore during the fiscal,” DLF said.
Sustained momentum and strong tailwinds are expected to support the structural upswing in housing demand over the medium term, the company said.
“We continue to strive in scaling up our new product offerings across segments and geographies,” DLF said.
DLF Cyber City Developers Ltd (DCCDL) said the rental business continues its steady path to recovery.
“Office occupancy is gradually recovering and stood at 88% at the fiscal end,” DLF said Retail business continued a strong rebound during the fiscal, it added.
“Rental income grew 10 per cent Y-o-Y; supported by 67 per cent rebound in retail income,” DLF said.
DLF is India’s leading real estate developer.
It has developed more than 153 real estate projects and developed an area in excess of 330 million square feet.
DLF Group has 215 million square feet of development potential across residential and commercial segment.
The group has an annuity portfolio of over 40 million square feet. DLF is primarily engaged in the business of development and sale of residential properties and the development and leasing of commercial and retail properties.