 "DLF's Q1 net profit up 39% to Rs 470 cr; sales bookings jump two-fold")
Realty major DLF Ltd on Friday reported a 39 per cent increase in its consolidated net profit to Rs 469.56 crore in the quarter ended in June on better sales.
Its net profit stood at Rs 337.16 crore in the year-ago period.
Total income rose to Rs 1,516.28 crore in the first quarter of this fiscal from Rs 1,242.27 crore in the corresponding period of the previous year, according to a regulatory filing.
In a statement, DLF said its sales bookings jumped two-fold to Rs 2,040 crore during the April-June period of this fiscal year, compared with the year-ago period.
"Residential demand continues to exhibit sustained momentum. The high demand for luxury homes has been a key trend that is expected to continue," the company said.
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DLF also highlighted that its luxury project 'The Camellias' contributed Rs 352 crore to sales bookings during the quarter.
"While rising interest rates may pose some challenges, we expect this structural recovery in the residential segment to continue," DLF said.
The company would continue to bring newer offerings across multiple segments and geographies. It would also remain committed to surplus cash generation from operations.
"We generated surplus cash of Rs 421 crore during the quarter which led to further deleveraging and consequently our Net Debt at the end of quarter stood at Rs 2,259 crore, one of the lowest levels," the company said.
DLF is the largest real estate company in terms of market capitalisation.
It has so far developed more than 153 real estate projects comprising over 330 million square feet of area.
The Group has 215 million square feet of development potential across residential and commercial segments. The group has a rent yielding commercial portfolio of over 40 million square feet.
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