DLF Ltd clocks net profit of Rs 337 cr for Q1FY22
New Delhi: DLF Ltd clocked a consolidated net profit of Rs 337 crore for the first quarter of the current fiscal as compared to a net loss of Rs 72 crore in the same quarter of the previous fiscal.
The total income of the company almost doubled to Rs 1,242 crore in the first quarter of the current fiscal as compared to Rs 647 crore in the same quarter of the previous fiscal, the company said in a regulatory filing.
DLF Ltd also announced a dividend of Rs 2 per share for the last financial year.
The EBITDA of the company stood at Rs 498 crore in the first quarter of the current fiscal, registering a jump of 400 percent. “We are witnessing encouraging demand in the residential business. Since the pandemic, the inherent demand for homes has gone up, it has reaffirmed that home is the safest place and is an important asset class for most families. New Sales bookings exhibited sustained performance sequentially and stood at Rs 1,014 crore, reflecting a year on year growth of 567 percent,” the company said in a media statement.
The launch of independent floors in the city of Gurgaon garnered good response from the buyers. The company registered ‘new products sales booking’ of Rs 542 crore in the latest quarter, the company said.
The rental business of the realty major saw healthy growth and the office rental grew 12 percent in the latest quarter as compared to the same quarter of the previous fiscal. The consolidated revenues of DLF Cyber City Developers Ltd stood at Rs 1,041 crore in the first quarter of the current fiscal as compared to Rs 929 crore last year. The EBITDA of DLF Cyber City Developers Ltd increased to Rs 815 crore as against Rs 729 crore last year and the net profit of DLF Cyber City Developers Ltd jumped to Rs 202 crore as against Rs 160 crore. There was surplus cash generation of Rs 112 crore.
“The rental business is facing a temporary dislocation. With the Government leading the vaccination drive and allowing corporates also to do so, it is expected that the vaccinated staff of corporates will start returning to work gradually over the next few months. The demand for office space is expected to return in the second half of the year. We believe that the long-term fundamentals for this business remains intact,” the company said.