New Delhi: Realty major DLF’s net profit jumped two-fold to Rs 414.72 crore during April to June from Rs 172.77 crore in the year-ago period despite a fall in revenue.
The company’s total income declined to Rs 1,540.95 crore during the quarter ended June from Rs 1,657.67 crore in the corresponding period of the previous year. DLF reported an exceptional income of Rs 296.51 crore which helped in a significant rise in the net profit.
Net sales bookings stood at Rs 705 crore in the June quarter. DLF said that sales numbers are on an upswing with luxury sales doing better.
“Our strategy of build and sell has worked out to be a successful one. Given the overhang owing to numerous factors, the markets are expected to lean towards developments which are either complete or at advanced stages of completion and mitigate various risks perceived to be attached to under-construction projects,” said Wholetime Director Ashok Tyagi.
“Given this belief, the company has embarked on the 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,” he said in a statement.
DLF promoters have infused the last tranche of funds amounting to Rs 2,250 crore into the company. “With a total infusion of Rs 11,250 crore, this is one of the largest infusion by promoters in an Indian company. DLF has now successfully completed the entire process of transformation of its balance sheet,” it said in the statement.
With a strong balance sheet and completion of all legacy projects, DLF said it will now focus on monetisation of its completed inventory as well as create the future pipeline of projects to fuel growth. The real estate major plans to develop 17 million square feet of space in commercial and residential segments.
DLF Cybercity Developers Ltd (DCCDL) Group, which is DLF’s joint venture with Singapore’s GIC, has finalised its plan of developing a marquee mixed-use development near its existing business district of DLF Cyber City.
The company has started the first phase of developing three million square feet. “The total potential of this development will be 11 million square feet with an ultra-modern and futuristic retail destination,” it said.