Categories News

DLF Reports 12.13% Increase in Net Profit for Q1 FY24

NEW DELHI: DLF, a leading real estate developer, has announced a notable growth of 12.13% in its net consolidated profit for the quarter ending on June 30, 2023. The company’s profit after tax reached Rs 526.11 crore in Q1 FY24, compared to Rs 469.21 crore in the corresponding quarter of the previous fiscal, as stated in a BSE filing.

During the same period, DLF’s net consolidated total income saw a marginal increase of 0.36%, reaching Rs 1,521.71 crore compared to Rs 1,516.28 crore recorded in a similar quarter last year.

Notable developments during the quarter include the approval of the scheme of amalgamation involving DLF Golf Resorts and DLF Homes Services with DLF Recreational Foundation by the National Company Law Tribunal (NCLT), Chandigarh bench, as per the order dated June 15, 2023.

Additionally, the board of directors of a wholly-owned subsidiary company approved the divestment of a 49% stake in Pegeen Builders & Developers in favor of a developer from Mumbai to undertake a project in Andheri West, Mumbai.

DLF achieved new sales bookings of Rs 2,040 crore during the quarter while maintaining a gross margin of 52%.

In a media release, the company emphasized its commitment to strengthening its balance sheet and generating cash. It highlighted strong collections that contributed to a further reduction in net debt, resulting in the lowest-ever net debt of Rs 57 crore.

DLF’s office portfolio exhibited stability, and its retail business continued to experience upward growth momentum.

DLF Cyber City Developers, a subsidiary, reported consolidated revenue of Rs 1,412 crore in Q1 FY24, reflecting year-on-year growth of 12%. The consolidated profit for the quarter stood at Rs 391 crore, showcasing a year-on-year growth of 21%.

Follow and Connect with us: TwitterFacebookLinkedinInstagram

Anamika Gairola

Anamika is a research-oriented writer with experience in writing blogs on home decor and real estate industry. Simply put, she knows the trend and expectations of today’s industry. She is an avid reader, wishes to travel the world, and loves to cook her favorite recipes when not writing.

Share
Published by
Anamika Gairola

Recent Posts

A Thriving Year for Residential Real Estate, but Affordable Housing Challenges May Continue in 2025

Developers anticipate the strong momentum in premium and luxury housing to carry forward into 2025,…

7 hours ago

Minimalist Interior Design Tips for a Classy Home

Minimalist interior design has become a global trend, celebrated for its simplicity, elegance, and functionality.…

4 days ago

How Technology is Revolutionizing Real Estate in India

The real estate sector in India, traditionally known for its slow-paced processes and manual operations,…

5 days ago

Fractional Ownership in Real Estate: Democratizing Property Investment

The real estate sector, traditionally a playground for high-net-worth individuals, is undergoing a transformation with…

2 weeks ago

The Yamuna Expressway Authority has received 1.12 lakh applications for 451 plots located near the Noida Airport.

Real estate experts highlighted that the strong response reflects the growing residential demand in the…

2 weeks ago

DLF names Badal Bagri as the company’s Chief Financial Officer.

According to the company, Bagri brings extensive expertise in corporate finance, controllership, treasury, strategic planning,…

2 weeks ago

This website uses cookies.