 "DLF")
Realty firm DLF Ltd on Thursday reported a 66 per cent increase in consolidated net profit at Rs 378.12 crore for the quarter ended September while sales bookings grew 77 per cent to Rs 1,512 crore on revival in housing demand, particularly for luxury apartments.
The company's net profit stood at Rs 227.75 crore in the year-ago period.
Total income, however, declined to Rs 1,556.53 crore in the second quarter of the current fiscal from Rs 1,723.09 crore in the corresponding period of the previous year.
DLF's Whole Time Director and CEO Ashok Kumar Tyagi said, "we are encouraged by the rising housing sales and improving consumer sentiments across segments and remain committed to bringing new offerings to the market".
"We believe our quality offerings across our completed inventory, growing new product pipeline coupled with a fortified balance sheet has placed the company in a unique position to scale up and leverage this growth cycle," he said in a statement.
New sales bookings during the September quarter stood at Rs 1,512 crore, registering a Y-o-Y (Year-on-Year) growth of 77 per cent.
"The super luxury segment exhibited outperformance with 'The Camellias' clocking record new sales of Rs 1,037 crore in the quarter. This demonstrates the quality of demand for best-in-class offerings backed by a strong and credible brand," DLF said.
The demand for independent floors across Gurugram market continues to witness healthy absorption, it noted.
"The residential business continues to tread on its growth trajectory with healthy traction and strong demand momentum across segments and geographies. We are encouraged with these improving demand trends in the residential markets and expect these trends to remain for the long run," DLF said.
According to the company, with increasing volumes and well calibrated price hikes, it expects further margin expansion for its projects.
The company's net debt stood at Rs 3,985 crore at the end of September.
DLF's rental arm DLF Cyber City Developers Ltd (DCCDL), a joint venture firm with Singapore sovereign wealth fun GIC, continued to exhibit resilient performance while the retail business has exhibited a strong rebound.
The net profit of DCCDL rose 36 per cent to Rs 231 crore in the latest September quarter. The consolidated revenue increased to Rs 1,123 crore as compared to Rs 1,040 crore during the same period.
DLF has 66.67 per cent stake in DCCDL.
"The rental business witnessed a temporary dislocation with the second (COVID) wave. With the rapid vaccination drive led by government and lower infection rates, companies are gradually returning to their workplaces.
"Strong business growth and aggressive hiring plans by IT/ITeS will aid in the recovery and growth of this segment. We believe that the long term fundamentals for the business and attractiveness of India as a service market remains intact," DLF said.
On retail business, the company said all its malls have become operational, though, with certain restrictions. "We are witnessing a steady increase in the footfalls and expect growth in consumption across all segments."
DLF has developed 153 real estate projects and developed an area of approximately 330 million square feet.
The company has 215 million square feet of development potential across residential and commercial segment. The group has an annuity portfolio of over 35 million square feet.
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).
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