DLF’s net profit increases by 12.13% in Q1 FY24, Real Estate News, ET RealEstate

July 21, 2023

NEW DELHI: DLF has reported a growth of 12.13 per cent in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax stood at Rs 526.11 crore in Q1 FY24 as against Rs 469.21 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 1,521.71 crore in Q1 FY24, a marginal growth of 0.36 per cent from Rs 1,516.28 crore it recorded in the similar quarter last year.

During the quarter, the National Company Law Tribunal (NCLT), Chandigarh bench vide its order dated June 15, 2023 has approved the scheme of amalgamation involving DLF Golf Resorts and DLF Homes Services with DLF Recreational Foundation.

During the quarter, the board of directors of a wholly-owned subsidiary company in its meeting held on May 30, 2023 has approved the divestment of 49% stake in Pegeen Builders & Developers, in favor of a developer from Mumbai to undertake a project in Andheri West, Mumbai, the company said in the regulatory filing.

New sales bookings for the quarter stood at Rs 2,040 crore while gross margins was at 52%.

“We continue to focus on strengthening our balance sheet and cash generation. Strong collections led to a further
reduction in net debt during the quarter. Consequently, our Net Debt now stands reduced to the lowest ever at Rs 57
crore,” the company said in a media release.

According to the company, its office portfolio maintained its stability, while the retail business continues to follow an upward growth trajectory.

DLF Cyber City Developers‘ consolidated revenue stood at Rs 1,412 crore in Q1 FY24, reflecting year-on-year growth of 12%; consolidated profit for the quarter stood at Rs 391 crore, a year-on-year growth of 21%.

  • Published On Jul 21, 2023 at 05:00 PM IST

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