DLF Q2 net profit up 26 pc to Rs 477 crore; sales bookings up at Rs 2,052 crore | The Financial Express

DLF Q2 net profit up 26 pc to Rs 477 crore; sales bookings up at Rs 2,052 crore

Total income fell to Rs 1,360.50 crore in the second quarter of this fiscal from Rs 1,556.53 crore in the corresponding period of the previous year, DLF said in a regulatory filing.

DLF Q2 net profit up 26 pc to Rs 477 crore; sales bookings up at Rs 2,052 crore
The company has 215 million square feet of development potential across the residential and commercial segments.

Realty major DLF Ltd on Friday reported a 26 per cent increase in its consolidated net profit at Rs 477.20 crore for the quarter ended September, while its sales bookings grew 36 per cent to Rs 2,052 crore during the same period.

Its profit stood at Rs 378.12 crore in the year-ago period.

Total income fell to Rs 1,360.50 crore in the second quarter of this fiscal from Rs 1,556.53 crore in the corresponding period of the previous year, DLF said in a regulatory filing.

“Housing demand continued to remain buoyant during the period. The luxury segment continues to witness sustained demand with a clear shift towards larger homes,” it said in a statement.

The company said it experienced further consolidation across the industry in the backdrop of changing consumer preference towards quality offerings from large and credible players.

“The interest rate hike was on expected lines. We continue to closely monitor these developments, however, have not experienced any material impact on housing demand so far. We remain confident that our product offerings will remain the preferred choice for customers and will continue to perform well,” it said.

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DLF said its residential business delivered a steady performance and clocked sales bookings of Rs 2,052 crore, reflecting a Year-on-Year growth of 36 per cent.
“We believe that our well thought out strategy of bringing low rise developments across multiple geographies augurs well in the current market,” the company said.

The realty estate developer remained optimistic about the inherent demand in housing given the changing aspirations of consumers for high-quality, efficiently designed products being offered across established ecosystems and continue to work to offer new products across segments and geographies.

The company said its office portfolio is exhibiting steady recovery with improvement in occupancies. The buoyancy in the retail business continues.

DLF is India’s largest real estate company in terms of market capitalisation. It has developed more than 153 real estate projects covering 330 million square feet.

The company has 215 million square feet of development potential across the residential and commercial segments.
The DLF Group has an annuity portfolio of over 40 million square feet.

The company is primarily engaged in the business of development and sale of residential properties (development business), and the development and leasing of commercial and retail properties (annuity business).

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First published on: 21-10-2022 at 19:16 IST