Real estate major DLF reported a 12 per cent growth in year-on-year consolidated net profit in Q1 at ₹527 crore. Net profit in the year-ago period was ₹470 crore.
The company’s consolidated revenue for the period stood at ₹1,522 crore, while gross margins were at 52 per cent. EBITDA stood at ₹495 crore.
New sales bookings for the quarter stood at ₹2,040 crore. In a statement to the bourses, the company said it remains optimistic about the demand for housing, with the cycle continuing to remain positive.
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The real estate major said it will introduce new products this fiscal, and macro tailwinds along with strong demand outlook, augurs well for the business.
Strong collections led to a net debt reduction during the quarter. Net debt as on June 30 was ₹57 crore.
Office portfolio
In Q1 FY24, consolidated revenue of DLF Cyber City Developers Limited stood at ₹1,412 crore, up 12 per cent y-o-y, and consolidated profit stood at ₹391 crore, up 21 per cent y-o-y.
Demand in the segment remained strong, the company said, adding that it achieved pre-leasing of 82 per cent across two new office complexes – DLF Downtown in Gurugram and Chennai.
To re-enter Mumbai
On Thursday, the company also announced its re-entry into the Mumbai market. One of DLF’s step-down subsidiaries, Pegeen Builders & Developers, will allot 9,800 equity shares of ₹10 each at par to Delhi-based Trident Buildtech. This will bring down the holding of DLF Home Developers Ltd, a DLF subsidiary, to 51 per cent in Pegeen.
Trident, through its subsidiary, Sahyog Homes, is scheduled to carry out a slum rehabilitation project in Mumbai’s Andheri (West). Pegeen will now enter into a development agreement with Sahyog Homes to develop the first phase of the project. In a statement to the bourses, DLF said DHDL has executed a securities subscription and shareholders’ agreement.