DLF Ltd observes a jump in net profit by 66% in Q2

DLF’s malls are all functioning now, with certain limitations, and it said it is observing a steadfast development in the footfalls and foresees growth in consumption across all segments. 

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On Thursday, DLF Ltd, India’s largest real estate, stated ₹378.12 crores net profit in the September quarter, up 66% from ₹227.5 crores a year ago, on the back of solid residential demand across product categories. However, revenue for the second quarter fell to ₹1557 crore, from ₹1723.09 crores during the same period.

New sales bookings during the September-ended quarter reached ₹1,512 crores. DLF’s super-luxury project ‘The Camellias’ timed record recent sales of ₹1,037 crores in the quarter. “Demand for our new products of independent floors across Gurugram market continues to witness healthy absorption. The monetization of our completed inventory across markets continues to gain traction,” DLF said in a statement.

“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 endeavour 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 Gurugram-based firm said.

It said that its centre on collections and cautious capital allocation led to notable money production of ₹759 crores in the July-September period. Its rental branch DLF Cyber City Developers Ltd timed revenue of ₹1123 crore compared to ₹1040 crore last year.

“As India’s leading real estate company, we remain committed to drive 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, whole-time director and CEO, DLF.

The company said the rental business observed a transient displacement with the second wave of COVID-19.

“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 remain intact,” DLF said.

DLF’s malls are all functioning now, with certain limitations, and it said it is observing a steadfast development in the footfalls and foresees growth in consumption across all segments.