DLF Ltd reports 9% jump in net profit at Rs 449 cr for Q3FY21; CEO Rajeev Talwar to retire
New Delhi: Realty player DLF Ltd today reported a 9 percent jump in net profit at Rs 449 crore during the December quarter as compared to net profit of Rs 413 crore in the same quarter of the previous fiscal.
The total income increased 9 percent at Rs 1,668 crore in the third quarter of the current fiscal as compared to Rs 1,533.34 crore in the same period of the previous fiscal, the company said in a regulatory filing.
"The quarter closed with a positive cash flow of Rs 115 crore and net debt reduced to Rs 5,100 crore," DLF said in a statement.
DLF also said that it maintains a positive perspective for the rental business. The workforce in offices is gradually returning and the office business remains quite stable. It is continuing to show strong collections of about 98 percent.
Consolidated revenue of DLF Cyber City Developers stood at Rs 1,122 crore for the third quarter of the current fiscal as against Rs 1,131 crore in the same quarter of the previous fiscal. The net profit of DLF Cyber City Developers stood at Rs 249 crore in the latest quarter.
DLF Cyber City Developers has just entered into an agreement with funds managed by Hines for acquiring their stake in Fairleaf Real Estate for Rs 780 crore. Fairleaf Real Estate manages commercial project 'One Horizon Center'. The project has leasable area of 8 lakh square feet. The deal is likely to be consummated before the end of the current fiscal.
"In our process for getting the rental business REIT ready, 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.
In the meantime, DLF’s current CEO and Whole Time Director-Rajeev Talwar will retire on 31 March 2021.