Real estate major DLF reported a 29 per cent increase in consolidated net profit to ₹629 crore for the quarter ending September 30, 2023. The net profit in the year-ago period was ₹477 crore.
For the period under review, the total income from operations rose marginally to ₹1,476 crore, up 9 per cent YoY. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at ₹591 crore.
Sales bookings touched ₹2,228 crore in Q2 with gross margins at 57 per cent.
Net debt zero
In a statement, the company said it achieved “record surplus cash generation from operations” at ₹1,147 crore. The company is now Net Debt zero.
“(The) super luxury offering, The Camellias in DLF 5, Gurugram, saw healthy demand during the quarter, vindicating strong demand for high-quality residential products backed by a strong brand. We continue to see sustained demand momentum across all segments and hence keep a positive outlook on the housing cycle,” the company said in a release.
Gradual recovery in office space
DLF said that its office portfolio continues to be on a “path of gradual recovery and retail segment continues to deliver healthy growth”. In Q2FY24, consolidated revenue of DLF Cyber City Developers Ltd stood at ₹1,463 crore, up 7 per cent YoY; consolidated profit for the quarter stood at ₹416 crore, up 17 per cent, YoY.
“Occupancy across the non-SEZ segment has inched back to 97 per cent, while SEZ occupancy stood at 85 per cent. Pre-leasing of 89 per cent (was witnessed) across our two new office complexes – DLF Downtown in Gurugram and Chennai,” the company said.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.