Realty major DLF on Monday reported 31 per cent rise in consolidated net profit at Rs 622.78 crore for the second quarter of this fiscal year on higher revenue. Its net profit stood at Rs 477.04 crore in the year-ago period.
Total income increased to Rs 1,476.42 crore from Rs 1,360.30 crore in the corresponding period of the previous year, according to a regulatory filing. During the April-September period of this fiscal, DLF’s net profit rose to Rs 1,149.78 crore from Rs 946.61 crore in the year-ago period.
Total income grew to Rs 2,998.13 crore in the first six months of this fiscal from Rs 2,876.78 crore in the corresponding period of the previous year. In a statement, DLF said its sale bookings stood at Rs 2,228 crore in July-September period.
“Our new products and existing inventory continue to evince strong customer interest. Our super luxury offering – The Camellias in DLF 5, Gurugram, saw healthy demand during the second quarter and continues to set new benchmarks vindicating strong demand for high quality residential products backed by a strong brand,” it added.
DLF said it continues to see sustained demand momentum across all segments and hence keep a positive outlook on the housing cycle.
“Our new product launches that have been planned for the second half of the fiscal remain on track and we remain committed to bringing calibrated supply across our key markets and leverage this growth cycle,” DLF said.
Further, the company said its collections from customers continued to remain healthy resulting in record cash flow generation during the second quarter.
“Consequently, post dividend payout of Rs 990 crore, we achieved a net cash position of Rs 142 crore at the end of the second quarter. We have delivered on our commitment to achieving a net debt zero position,” it said.
On the commercial real estate, DLF said the office portfolio continues its path of gradual recovery, and retail segment continues to deliver healthy growth.
In office portfolio, the occupancy level across the non-SEZ segment has inched back to 97 per cent, while SEZ occupancy stood at 85 per cent. “Our new office developments continue to garner occupiers’ interest and consequently have achieved a pre-leasing of 89 per cent across our two new office complexes – DLF Downtown in Gurugram and Chennai,” DLF said.
The company said retail business continues its growth trajectory and progress towards expanding its retail portfolio stays on track. “We expect construction of our large retail complex in Gurugram to start during this fiscal,” the company said.
DLF has developed more than 158 real estate projects and an area in excess of 340 million square feet. It has about 215 million square feet of development potential across residential and commercial segment.
The group has an annuity portfolio of over 42 million square feet. Its rental assets are parked into DLF Cyber City Developers Ltd (DCCDL), a joint venture with Singapore sovereign wealth firm GIC.