DLF net profit falls 16% to Rs 379 cr in Q3, revenue flat at Rs 1,550 cr

Company says it clocked record new sales in the quarter amounting to Rs 2,018 crore, reflecting a YoY growth of 97 per cent

Realty major DLF saw its net profit fall 16 per cent to Rs 379 crore in the third quarter of FY22 from Rs 451 crore in the same period of the previous financial year. The company’s revenue from operations stayed flat at Rs 1,550 crore in the December quarter compared to Rs 1,543 crore in the year-ago period.

The slip in profit was on account of an exceptional item related to an investee company defaulting on a debt obligation of Rs 224 crore. As such, DLF’s profit before exceptional items rose 23 per cent to Rs 476 crore in the December quarter.

“The housing segment continues to exhibit sustained momentum leading to strong business performance in the residential segment. We clocked record new sales in the quarter amounting to Rs 2,018 crore, reflecting a Y-o-Y growth of 97 per cent. Cumulative sales bookings for the nine-month period stood at Rs 4,544 crore, demonstrating a strong rebound in this segment,” the company said.

“We launched ONE Midtown – a luxury group housing project in the heart of the capital, during the quarter. The launch received overwhelming response and phase-I of the inventory was completely absorbed,” it added.

The super luxury segment – “The Camellias” – continued to attract robust demand despite a price hike. New sales of Rs 580 crore were recorded during the quarter, showing a strong demand at established locations. The company witnessed sustained demand traction for independent floors in the Gurugram market and continued to bring new launches in this segment.

“Surplus cash generation of Rs 764 crore during the quarter resulted in a marked reduction in our Net Debt which stood at Rs 3,220 crore at the end of the quarter. Price growth coupled with increasing volumes will lead to further margin expansion in the portfolio,” the company said.