The realty major's consolidated net profit jumped 36.8% to Rs 519.21 crore in Q3 FY23 as against Rs 379.48 crore recorded in Q3 FY22.
Revenue from operations stood at Rs 1,494.80 crore in the quarter ended 31 December 2022, down 3.5% from Rs 1,549.70 crore posted in the same period last year
Profit before tax surged 62.4% to Rs 408.04 crore in Q3 FY23 as compared to Rs 251.23 reported in Q3 FY22.
EBITDA tumbled 18% to Rs 542 crore in Q3 FY23 from Rs 659 crore recorded in the corresponding quarter previous year. EBITDA margin reduced to 35% in Q3 FY23 as compared to 39% posted in Q2 FY22.
DLF said that its residential business delivered a strong performance and clocked one of the highest quarterly new sales bookings of Rs 2,507 crore, reflecting a year on year (YoY) growth of 24%. Cumulative new sales for 9MFY23 stand at Rs 6,599 crore, reflecting a YoY growth of 45%.
The company's luxury offering - The Grove at DLF5, Gurugram, was completely sold-out reaffirming demand for quality offerings at established locations. Sales bookings during the quarter for this product stood at Rs 1,570 crore. The second phase of its recently launched product-The Valley Gardens in Panchkula, echoed customer confidence towards our product offerings in that geography, clocking in sales bookings of Rs 540 crore during the quarter, the firm said in the press statement.
DLF further added, We remain enthusiastic about the housing industry's intrinsic growth potential which continues to be supported by a resilient economy. Our focus remains on creating customer-centric products that provide a distinctive living experience with best-in-class amenities across our established ecosystems. We continue to work towards further deleveraging and consequently our net debt decreased to Rs 2,091 crore at the end of the quarter.
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The rental arm of the company, DLF Cyber City Developers' office portfolio continues its gradual path to recovery. The strong momentum across the retail business continues.
During Q3 FY23, the rental income grew to Rs 1,003 crore, rising 15% YoY. Consolidated revenue stood at Rs 1,363 crore as compared to Rs 1,176 crore last year, reflecting a 16% YoY growth. EBITDA jumped 16% YoY to Rs 1,061 crore. Net profit stood at Rs 358 crore, reflecting a YoY growth of 27%.
Occupiers' attendance across the portfolio continues to inch upwards with gradual recovery across the office segment. While global headwinds continue to persist leading to a challenging environment, the firm expects demand for quality office assets at established locations should continue to garner interest of large occupiers.
The retail business continues to exhibit healthy growth. Consumption trends continue to reflect sustained momentum with sales delivering consistent growth leading to a healthy retail business outlook. The company will remain well positioned to achieve its business objectives, which are strongly supported by continued housing demand, quality offerings and a healthy balance sheet, The real estate company stated in the press release.
DLF is primarily engaged in the business of development and sale of residential properties (the development business) and the development and leasing of commercial and retail properties (the annuity business).
Shares of DLF rose 0.71% to Rs 354.50 on the BSE.
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