DLF Ltd’s Net Profit Jumps 122% At Rs 412.65 Cr For Q1FY20
New Delhi: Real estate player DLF Ltd has registered a 122 percent jump in consolidated net profit at Rs 412.65 crore for the quarter ended June 2019 as compared to Rs 185.06 crore in the corresponding period of the previous year.
Total income of the company in the latest quarter declined seven percent to Rs 1540 crore as compared to Rs 1657.67 crore in the corresponding period of the previous year, it said in a filing to the Bombay Stock Exchange.
The company achieved gross leasing of 0.97 million sq ft and net leasing of 0.1 million sq ft, it said in a statement.
The promoters of DLF infused the last tranche of funds of Rs 2,250 crore into the company in the April-June quarter, amounting to a total infusion of Rs 11,250 crore.
“The company has embarked on development of new asset build-out at select marquee locations, in both residential and commercial segments, which will enable sizeable build over the time period in which existing inventory gets sold,” said Ashok Tyagi, Wholetime Director, DLF Ltd.
The company plans to develop 17 million sq ft of space in commercial and residential segments.
In the Annuity Business, out of the 0.97 million sq ft of gross leasing achieved, 0.82 million sq ft is attributable to DLF Cyber City Developers Ltd (DCCDL) Group. DLF has already pre-leased almost 100 percent of the 2.5 million sq ft in Cyber Park, Gurugram to tenants. With the building nearing completion, the rental earnings shall commence within this fiscal. The company is nearing completion of another phase in IT SEZ, Chennai, the rent of which will also commence in the current fiscal.
DCCDL Group has finalized a plan of developing a mixed use project in close proximity to its existing business district of DLF Cyber City. The company has started work on the first phase of this development totaling about 3 million sq ft. The total potential of this development will be about 11 million sq ft and will also include a retail destination.
During the April-June quarter, the company also allotted 13 crore equity shares of Rs 2 each to Promoter/Promotor Group companies by way of conversion of equal number of Compulsory Convertible Debentures issued to the to Promoter/Promotor Group companies at a premium of Rs 215.25 per share.