DLF Q1 profit up 12% at Rs 527 cr; Re-entering Mumbai market – Times of India

New Delhi: Realty Head DLF Ltd on Friday reported a 12 per cent rise in consolidated net profit to Rs 527 crore in the first quarter of this financial year and announced re-entry into the Mumbai property market to develop a housing project.
The company’s net profit in the same period a year ago was Rs 469.57 crore.
According to a regulatory filing, total income rose marginally to Rs 1,521.71 crore in the April-June period of fiscal 2023-24 from Rs 1,516.28 crore in the year-ago period.
The company’s sales bookings remained flat at Rs 2,040 crore in the June quarter.
DLF also announced its re-entry into the Mumbai real estate market through a partnership with realty firm Trident Group.
In 2012, DLF sold 17 acres of prime land in Mumbai to Lodha Developers (now renamed Macrotech Developers) for about Rs 2,700 crore. DLF had bought the land from National Textile Corporation in 2005 for Rs 703 crore.
DLF also formed a joint venture with Aakriti City to develop some projects.
Pegeen Builders & Developers, the wholly-owned arm of DLF Home Developers Ltd (DHDL), will allot 9,800 equity shares of Rs 10 each each to Delhi-based realty firm Trident Buildtech, according to a separate regulatory filing.
In this regard, DHDL has executed a securities subscription and shareholders’ agreement. Post-allotment, DLF’s subsidiary DHDL’s stake in Pegeen will come down to 51 per cent.
Presently, Trident, through its wholly owned subsidiary Sahyog Homes Limited, is developing a slum rehabilitation project in Andheri (West), Mumbai.
Pegeen has also agreed to enter into a development agreement with SHL to develop the first phase of the project.
DLF did not provide any further details about the proposed project.
DLF said in a statement that its sales booking stood at Rs 2,040 crore in the April-June quarter.
“Our launched inventory continues to see good customer response,” it added.
DLF said it is optimistic about housing demand as the cycle remains positive.
“We are gearing up to bring new products to the markets during the course of the financial year. We believe the strong demand scenario as well as the macro tail wind augurs well for us. Businessthe company said.
Besides this, DLF said it will continue to focus on strengthening the balance sheet and cash generation.
“Net debt further reduced during the quarter due to strong collections. As a result, our net debt has come down to an all-time low of Rs 57 crore,” the statement said.
The office portfolio maintained its stability, while the retail business continued to grow on a growth path.
DLF Cyber ​​City Developers Limited (DCCDL), the rental arm of DLF, reported a consolidated revenue of Rs 1,412 crore, showing a year-on-year growth of 12 per cent. Consolidated profit for the quarter stood at Rs 391 crore, a growth of 21 per cent year-on-year.
“We are experiencing strong demand for our new office developments. We have achieved pre-leasing of approximately 82 per cent in our two new office complexes – DLF Downtown in Gurugram and Chennai.
“We are excited about the growth potential of our retail business and remain committed to expanding our retail offerings to multiple markets,” the company said.
DLF said that with new launches planned for this financial year and a strong rental portfolio, it is confident of delivering consistent and profitable growth across its businesses.
DLF is the largest realty company in India in terms of market capitalization. It has developed over 150 real estate projects and developed an area of ​​over 330 million sq. ft.
It is primarily engaged in the business of development and sale of residential properties (development business) and development and leasing of commercial and retail properties (annuity business).
The group has an annual portfolio of over 40 million sq ft. The company has a development potential of 215 sq. ft. in residential and commercial sectors.

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