DLF posts net profit of Rs 339 crore in Q1

By: |
July 27, 2021 3:45 AM

Its total income grew 92% year-on-year (y-o-y) to Rs1,242 core during the June quarter this fiscal. Ebitda rose manifold on an annual basis to Rs 498 crore in the same period. DLF has recommended a dividend of Rs 2 per share.

“Rental business continued its sustained performance. Office rental grew 12% y-o-y while the retail segment has been impacted again,” the developer said.“Rental business continued its sustained performance. Office rental grew 12% y-o-y while the retail segment has been impacted again,” the developer said.

Real estate developer DLF on Monday reported a consolidated net profit of Rs 339 crore in the April-June quarter of FY22 against a net loss of Rs 73 crore in the year-ago period, aided by “encouraging” demand in the residential segment.

Its total income grew 92% year-on-year (y-o-y) to Rs1,242 core during the June quarter this fiscal. Ebitda rose manifold on an annual basis to Rs 498 crore in the same period. DLF has recommended a dividend of Rs 2 per share.

“We are witnessing encouraging demand in the residential business. Since the pandemic, the inherent demand for homes has gone up. It has reaffirmed that home is the safest place and is an important asset class for most families. New sales bookings exhibited sustained performance sequentially and stood at Rs 1,014 crore, reflecting a y-o-y growth of 567%,” DLF said.

The launch of independent floors across Gurgaon continues to garner an enthusiastic response from the market and exhibited healthy absorption trends. DLF clocked new products sales booking of Rs 542 crore in Q1 FY22. The luxury segment remains attractive with Camellias witnessing sustained demand despite Covid’s resurgence, it added.

Its rental arm, DLF Cyber City Developers (DCCDL) reported consolidated revenue of Rs 1,041 crore in Q1 FY22 against Rs 929 crore last year. Ebitda stood at Rs 815 crore compared to Rs 729 crore a year ago, while net profit stood at `202 crore against Rs 160 crore in the same period. It reported surplus cash generation of Rs 112 crore.

“Rental business continued its sustained performance. Office rental grew 12% y-o-y while the retail segment has been impacted again,” the developer said.

The rental business is facing a temporary dislocation, DLF said adding “With government leading the vaccination drive and allowing corporates also to do so, it is expected that vaccinated staff of corporates will start returning to work gradually over the next few months. Demand for office space is expected to return in the second half of the year”.

Retail business is witnessing some short-term dislocations with intermittent local lockdowns. All the company’s malls are operational, though, with certain restrictions. Since the opening of these malls, it is witnessing a steady increase in footfalls, mirroring the trend of the second half of FY21.

“New product development remains on track. We continue to work on getting DCCDL REIT ready and expect completion of this by the fiscal end,” DLF said.

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