DLF Reports Surge in Sales Bookings to ₹4,332 Crore for New Mumbai Project
New Delhi: Realty major DLF on Thursday reported a 15 per cent decline in consolidated net profit at Rs 1,180.09 crore for the second quarter of this fiscal year, while sales bookings jumped over six-times to Rs 4,332 crore on strong demand for its newly launched project in Mumbai. Its net profit stood at Rs 1,381.22 crore in the year-ago period.
Revenue from operations fell to Rs 1,643.04 crore during the July-September period of this fiscal year from Rs 1,975.02 crore a year ago. Total income, however, rose to Rs 2,261.80 crore from Rs 2,180.83 crore in the year-ago period on the back of an increase in other income. DLF is the country's largest real estate firm in terms of market capitalisation.
"New sales bookings for the second quarter stood at Rs 4,332 crore, driven by the successful maiden launch in Mumbai - The Westpark and continued healthy momentum in the super-luxury segment," DLF said in a statement. Its sales bookings stood at Rs 692 crore in the year-ago period. "We continue to focus on further strengthening of our balance sheet and cash flow generation. The net cash position stood at Rs 7,717 crore at the end of the quarter, despite a higher dividend payout of Rs 1,485 crore and debt repayment of Rs 963 crore during the (September) quarter," the realtor said.
DLF noted that India's housing sector continues to benefit from a resilient economy, increasing desire towards home ownership, and growing demand for branded, credible developers. "We continue to leverage our high-quality land bank by calibrating our new product offerings to leverage this sustained momentum in line with our guided trajectory," DLF said.
On rental business, DLF said the revenue of its joint venture firm DLF Cyber City Developers Ltd (DCCDL) stood at Rs 1,822 crore. The consolidated profit for the second quarter of this fiscal stood at Rs 643 crore, an annual growth of 23 per cent. DCCDL is the joint venture between DLF and Singapore sovereign wealth firm GIC. DLF holds around 67 per cent stake in the JV. During the September quarter, DLF said two new assets were added to the annuity portfolio -- 2.1 million square feet (first phase) at Atrium Place in Gurugram and 0.2 million square feet at DLF Midtown Plaza in Delhi.
"Our operational annuity portfolio now stands at around 49 million square feet, among the largest organically grown portfolios in India. On the backdrop of strong tailwinds coupled with a sizeable and identified product pipeline, we continue to implement a robust capex program to further grow our annuity portfolio over the medium term," DLF said. The realty firm noted that it continues to deliver consistent and profitable growth, backed by a strong balance sheet, high-quality assets, and a resilient business model.
DLF has developed more than 185 real estate projects and developed an area more than 352 million square feet. The group has 280 million square feet of development potential across residential and commercial segments. DLF is primarily engaged in the business of development and sale of residential properties (the development business) and leasing of commercial and retail properties (the annuity business).
