New Delhi, Oct 25 (PTI) Realty major DLF on Friday reported a more than two-fold jump in its consolidated net profit to Rs 1,381.08 crore in the second quarter of this fiscal on higher income while sales booking declined 69 per cent to Rs 692 crore during the July-September period due to lack of fresh supply.
Its net profit stood at Rs 622.78 crore in the year-ago period and sales booking was Rs 2,228 crore.
Total income rose 48 per cent to Rs 2,180.83 crore during the July-September period of 2024-25 fiscal from Rs 1,476.42 crore in the corresponding period of the preceding year, according to a regulatory filing.
During the first six months of this fiscal, the company’s net profit increased sharply to Rs 2,026.69 crore from Rs 1,149.78 crore in the year-ago period.
Total income grew to Rs 3,910.65 crore during the April-September period of this fiscal from Rs 2,998.13 crore in the corresponding period of the preceding financial year.
“New sales bookings during the second quarter were down to Rs 692 crore reflecting delay in receiving the requisite approvals for our new product launches. The approval for our super luxury offering ‘The Dahlias’ in DLF 5, Gurugram, have since been received in the early part of the current quarter,” DLF said in a statement.
New sales booking for the first half of the fiscal stands at Rs 7,094 crore, it said, adding that “we remain on track to meet our guidance for the full fiscal”.
DLF said the outlook for the residential segment continues to be strong and its housing business continues to exhibit steady performance.
DLF is the country’s largest real estate firm in market capitalisation.
The company is primarily engaged in the business of development and sale of residential (Development Business) and the development and leasing of commercial and retail properties (annuity business).
DLF’s rental arm DLF Cyber City Developers Limited (DCCDL) consolidated revenue stood at Rs 1,653 crore in the July-September quarter, reflecting year-on-year (yoy) growth of 13 per cent. The DCCDL’s consolidated profit stood at Rs 521 crore, registering a healthy growth of 25 per cent compared to Q2FY24.
“Our rental business is experiencing a positive upturn and is demonstrating steady growth. Encouraged by these strong trends, we have accelerated our capex commitments to fuel growth of our rental portfolio,” DLF said.
The company has commenced development of the subsequent phases of Downtown, Chennai and Downtown, Gurugram totalling around 11 million square feet which includes a large 2 million square feet retail destination in Gurugram.
“We believe that our business is well poised to leverage this structural upcycle backed by a significant land bank having high embedded potential, robust pipeline of new products across both development and rental business, strong balance sheet and consistent cash flow generation,” DLF said.
DLF has developed more than 178 real estate projects and developed an area in excess of 349 million square feet.
It has 220 million square feet of development potential across residential and commercial segments. The group has an annuity portfolio of over 44 million square feet. PTI MJH MJH SHW
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