The country's largest real estate player, DLF, has posted a nine per cent jump in its consolidated net profit at Rs 109 crore for the quarter ended September on the back of higher sales.
It had reported a net profit of Rs 100 crore in the same quarter the previous year.
The consolidated net income grew 2.9 per cent to Rs 2,013 crore during the quarter against Rs 1,956 crore in the same quarter the previous year. The standalone sales for the company was around Rs 796.9 crore during the quarter against Rs 484 crore in same quarter previous year. The company's shares fell by 0.6 per cent on Thursday at BSE and closed at Rs 138.9.
The DLF, in a statement, said the real estate market continues to remain muted in most of the micro-markets. But it is seeing early signs of green shoots of demand emerging, especially in its luxury development - Camellias in DLF 5, Gurgaon. "We are fully geared up to ride the up-cycle with inventory of finished valued at over Rs 4,000 crore, unsold inventory of launched projects under construction worth Rs 13,000 crore and future pipeline of projects worth Rs 7,000 crore, for which all approvals are in place," DLF said.
We are committed to create one or more sizeable REIT platform either independently or in partnership with strategic/financials partners not only to harness the growth in the market but also to unlock or part monetise the company's investment.
"REIT platforms are expected to be a potential game changer as it unlocks value, aids spin-off of debt and creates long term free cash flows in the form of dividends."
