DLF Q3 net profit up by 36% to ₹519 cr

Real estate developer DLF on Wednesday reported a 36.8 per cent rise in consolidated net profit to 519.21 crore for the December 2022 quarter. This is against a net profit of 379.48 crore in the year-ago period, DLF said in a regulatory filing.

The consolidated revenue from operations of DLF declined by 3.5 per cent to 1,494.8 crore in the quarter under review from 1,549.7cr crore a year ago.

The earnings before interest, taxes, depreciation and amortization (EBITDA) down 8.5  per cent on year to 477.2 crore as against 521.3 crore on a year basis, while the margins came in at at 31.9% as against 33.6%.

DLF’s expenses in the quarter fell almost 5% to 1,151.62 crore as compared to 1,211.26 core on a year basis.

On a standalone basis, DLF reported a 57.5 per cent rise in standalone net profit to 294.86 crore for the December 2022 quarter. This is against a net profit of 187.19 crore in the year-ago period, DLF said in a regulatory filing. The revenue from operations of DLF declined by 18.16 per cent to 925.31 crore in the quarter under review from 1,130.76 crore a year ago.

The residential business of DLF clocked one of the highest quarterly new sales bookings of 2,507 crore, reflecting 24 per cent growth year-on-year(YoY) basis. The cumulative new sales for 9MFY23 stand at 6,599 crore, reflecting growth of 45% on YoY basis.

DLF’s luxury offering, The Grove at DLF5, Gurugram, stands completely sold-out. The sales bookings during the quarter for this product stood at 1,570 crore.

The second phase of its recently launched product-The Valley Gardens in Panchkula clocked in sales bookings of 540 crore during the quarter.

“We remain enthusiastic about the housing industry’s intrinsic growth potential which continues to be supported by a resilient economy. Our focus remains on creating customer-centric products that provide a distinctive living experience with best-in-class amenities across our established ecosystems,” it said in a statement.

Recently, DLF has issued clarification on news reports of Noida Authority issuing notice to the company demanding 235 crore. In a regulatory filing the real estate developer said that they have received any notice from Noida Authority till now.

Earlier, news agency PTI had reported that the Noida Authority has issued a notice to real estate developer DLF to pay 235 crore as compensation to the previous owner of the land on which the Mall of India has been built.

The company’s scrip ended 3.60 per cent down to 352 on BSE.

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