Consolidated revenue of the real estate developer fell 11% year-on-year to Rs 1,723 crore in Q2 FY21.
DLF and Hines had entered into their first joint venture in 2008 to develop One Horizon Center in DLF-5, Gurgaon.
Gurgaon-based DLF on Friday reported a consolidated net profit of Rs 236 crore in the July-September quarter this fiscal, against a net loss of Rs 72 crore in the previous quarter. On an annual basis, the company’s profit was down 47% from Rs 444 crore in Q2 FY20.
Consolidated revenue of the real estate developer fell 11% year-on-year to Rs 1,723 crore in Q2 FY21. On a sequential basis, revenue rose 166% from Rs 647 crore in the April-June quarter, the company said in a regulatory filing to stock exchanges. Its expenses during the September quarter fell on an annual basis by 23% Rs 1,413 crore. However on a q-o-q, the company’s expenses rose 71% from Rs 827 crore.
DLF said it is initiating the process to set up a REIT for its rental business. “The company is taking steps to start the process of getting the rental business REIT ready”.
Sources said the firm needs to meet several statutory compliance before listing the REIT. Analysts said it could take DLF around 24-30 months to complete the whole process.
As on March 2020, DCCDL and its subsidiaries had an operational portfolio of 30.3 million sq ft (msf). The company owns 66.67% stake in DCCDL, while the balance is owned by GIC, Singapore.
On performance of DLF Cyber City Developers (DCCDL), DLF said rental business continued to exhibit resilience. On a Q-o-Q basis, retail segment recorded some growth on account of gradual recovery post lockdown. DCCDL’s consolidated revenue stood at Rs 1,040 crore in Q2 FY21, a Q-o-Q growth of 12%. It reported a net profit of Rs 171 crore.