Real estate player DLF saw its standalone net profit rise 58 per cent to ₹295 crore for the quarter ended December 31, 2022. Net profit in the year-ago-period stood at ₹187 crore.
The company saw its revenue from operations (standalone) dip 18 per cent to ₹925 crore.
On a consolidated basis, net profit saw a 36 per cent rise to ₹518 crore, while revenue from operations srooded at ₹1,550 crore, down 3.5 per cent.
Improvement in net profit came on the back of improving demand for housing projects and a drop in expenses.
DLF, in a statement said, residential business delivered “a strong performance and clocked one of the highest quarterly new sales bookings of ₹2,507 crore”, reflecting a YoY growth of 24 per cent. Cumulative new sales for 9MFY23 stood at ₹6,599 crore, a 45 per cent growth.
Luxury offerings like ‘The Grove at DLF5’ in Gurugram were sold out. Sales bookings during the quarter stood at ₹1,570 crore. The second phase of DLF’s ‘The Valley Gardens’ in Panchkula clocked sales booking of ₹540 crore, during the quarter.
DLF saw its net debt come down to ₹2,091 crore at the end of the quarter.
DLF Cyber City Developers
The company said DLF Cyber City Developers Ltd’s office portfolio “continues its gradual path to recovery” with a “strong growth across the continuing retail business”. On a consolidated basis, the rental income grew 15 per cent to ₹1,003 crore, while revenue grew 16 per cent to ₹1,363 crore. EBITDA stood at ₹1,061 crore, up 16 per cent while net profit increased 27 per cent to ₹358 crore.
“Occupiers’ attendance across the portfolio continues to inch upwards with gradual recovery across the office segment,” it said adding that, new development across DLF Downtown, Gurugram and Chennai “remains on track.”
“Planning for our upcoming retail destination, Mall of India at Gurugram is in advanced stages; while the retail business continues to exhibit healthy growth,” it further said.