DLF Q2 Result | Net profit jumps 66% YoY to Rs 378 crore

Asia's Tech News Daily

DLF Ltd, #Real Estate, #Results

The residential business continued to tread on its growth trajectory with healthy traction and strong demand momentum across segments and geographies, the company said.

Real estate major DLF Ltd on October 28 reported a consolidated net profit of Rs 378.12 crore for the quarter ended September, reflecting a 66 percent increase. Its net profit was Rs 227.75 crore in the year-ago period.

Total income, however, declined to Rs 1,556.53 crore from Rs 1,723.09 crore in the corresponding period of the previous year.

The residential business continued to tread on its growth trajectory with healthy traction and strong demand momentum across segments and geographies, the company said.

New sales bookings exhibited strong performance during the quarter and stood at Rs 1,512 crore, reflecting a Y-o-Y growth of 77%, the company said in a regulatory filing.

“The super-luxury segment exhibited outperformance with The Camellias clocking record new sales of Rs 1,037 crore in the quarter. Demand for our new products of Independent Floors across the Gurugram market continues to witness healthy absorption. The monetisation of our completed inventory across markets continues to gain traction,” the company said.

“We are encouraged with these improving demand trends in the residential markets and expect these trends to remain for the long run. Given this positive outlook supported by improved fundamental drivers, we continue with our endeavor of bringing new offerings across segments and geographies. With increasing volumes and well-calibrated price hikes, we expect further margin expansion for our projects,” the company said.

It said that its focused actions on collections along with prudent capital allocation have led to significant cash generation of  Rs 759 crore during the quarter. Consequently, its net debt stood at Rs 3,985 crore. The credit rating of the company was upgraded to CRISIL AA-/Stable.

The company said that its rental business witnessed a temporary dislocation with the second wave. With the rapid vaccination drive led by the 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 remain intact,” the company said.

The retail business continues to exhibit fast recovery. “All our malls are now operational, though, with certain restrictions. We are witnessing a steady increase in the footfalls and expect growth in consumption across all segments,” it said.

The company said that its new product development remains on track. “We continue to progress on getting DCCDL REIT ready,” it said.

GRESB, an international organisation, which is considered a global standard for ESG benchmarking and reporting, has recognised DLF Limited and DCCDL as Regional Sector Leaders for their developments across the office space. Both entities have achieved the highest ranking of 5 star rating.

With these recognitions, DLF Limited has been ranked number 1 in India and as the Overall Regional Sector Leader for its development across the listed office space by GRESB.

DLF Cyber City Developers Limited (DCCDL) has been ranked number 2 in Asia as the Regional sector for its development across the unlisted office space by GRESB.

“As India’s leading real estate company, we remain committed to driving business growth while building resilient ecosystems that promote a more sustainable way of living. We are continually striving to embed leading ESG practices in our business and operations. This recognition towards our ESG initiatives is a further testament to our efforts,” said Ashok Kumar Tyagi, Wholetime Director, and CEO DLF Limited.

“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.

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