Realty major DLF on Friday reported a 9 per cent rise in its consolidated net profit at Rs 449 crore for the third quarter of the current financial year on higher income and clocked 40 per cent rise in sales bookings at Rs 1,022 crore.
Its net profit stood at Rs 413.10 crore in the year-ago period.
Total income also rose to Rs 1,668.22 crore during the October-December period of 2020-21 fiscal from Rs 1,533.34 crore in the year-ago period, according to a regulatory filing.
In a statement, DLF Ltd said that “demand in the residential business is improving, aided by a low-interest cost regime, various government incentive initiatives and quality supply with affordability.”
During the quarter, the company launched independent floors in DLF City.
“New sales bookings for the quarter rose to Rs 1,022 crore, reflecting a 40 per cent growth Year-on-Year. We continue to step up on new launches and remain focused on creating a healthy pipeline of new products offering diversity across segments and geographies,” DLF said.
The company said it would continue to remain focused on cost optimisation and tight working capital management.
The quarter closed with a positive cash flow of Rs 115 crore and net debt reduced to Rs 5,100 crore.
DLF maintained a positive outlook for its rental business.
“In our process for getting the rental business REIT ready, DLF Cyber City Developers Ltd (DCCDL) has engaged advisors for its rental business and we are hopeful that the process is expected to be completed in the next 12 months,” DLF said.
DCCDL is a joint venture between DLF and Singapore sovereign wealth fund.
“With a sharp decline in COVID cases and improved economic activity, there is an improvement in business confidence in the realty sector and its allied industries,” said Ashok Tyagi, Whole Time Director, DLF Ltd.
“Our organisation has become lean and agile and with the induction of new leadership and talent across all functions, we are confident of accelerating our business growth and tapping new business opportunities that come along as the overall Indian economy experiences strong growth in the forthcoming quarters,” Tyagi said.
DLF is India”s leading real estate developer. It has developed 153 real estate projects and developed an area of approximately 330 million square feet.
The company has 215 million sq ft of development potential across residential and commercial segments. The group has an annuity portfolio of over 35 million sq ft.
(The story has been published from a wire feed without modifications to the text. Only the heading has been changed)