Real estate major, DLF saw a 121 per cent rise in consolidated net profit to ₹1,381 crore for the quarter-ending September 30, 2024. Profit in the year-ago period was ₹622 crore.
Consolidated revenues saw a 48 per cent increase y-o-y to ₹2,181 crore. It stood at ₹1,477 crore in the year-ago-period.
Gross margins stood at 45 per cent while new slot bookings were at ₹692 crore for the quarter under review. The company had an operating cash surplus of ₹1,211 crore.
In a statement, DLF said, outlook for the residential business continues to be strong and its “development business continues to exhibit steady performance.” And the company was “on-track to met its (bookings) guidance for the fiscal”.
“New sales bookings during the quarter were down to ₹692 crore reflecting delay in receiving the requisite approvals for our new product launches,” it said adding that approvals for ‘The Dahlias’ — a super-luxury offering in Gurugram, have been received in the early part of the current quarter.
DLF Cyber City Developers Ltd (DCCDL) reported revenues of stood at ₹1,653 crore, up 13 per cent y-o-y and a consolidated profit of ₹521 crore, up 25 per cent y-o-y.
The real estate major in its statement mentioned that rental business was witnessing a “positive upturn” and was “demonstrating steady growth”.
“We have accelerated our capex commitments to fuel growth of our rental portfolio and have commenced development of the subsequent phases of Downtown, Chennai and Downtown, Gurugram totaling around 11 million sq ft – which includes a 2 msf (approximate) retail destination in Gurugram,” it said. Ongoing projects, including Atrium Place in Gurugram and 3 retail malls, remain on track to commence rents in the next fiscal.