DLF on Friday reported a 9% y-o-y development in its consolidated net profit for the October-December quarter at Rs 452 crore, helped by a demand revival in the residential segment. The actual estate developer’s consolidated income rose 9% year-on-year to Rs 1,668 crore.
DLF mentioned its rental arm, DLF Cyber City Developers (DCCDL) has engaged advisors for floating a REIT for its rental organization and the course of action is most likely to be completed in a year’s time. Demand in the residential organization is enhancing, aided by a low-interest expense regime, numerous government incentive initiatives and high-quality provide with affordability, DLF mentioned.
“During the quarter, we launched independent floors in DLF City, which was absorbed in record time, demonstrating demand for quality products in established locations. New sales bookings for the quarter rose to Rs 1,022 crore, reflecting a 40% growth y-o-y. We continue to step up on new launches and remain focused on creating a healthy pipeline of new products offering diversity across segments and geographies,” it added.
The December quarter closed with a positive money flow of Rs 115 crore and net debt of the organization decreased to Rs 5,one hundred crore. In regulatory filing, DLF mentioned its CEO and entire time director, Rajeev Talwar will be stepping down from his function with impact from March 31, 2021.
DCCDL reported a consolidated income of Rs 1,122 crore in Q3 FY21 compared to Rs 1,131 crore a year ago. Ebitda stood at Rs 894 crore as compared to Rs 836 crore, implying a 7% Y-o-Y development. Its net profit stood at Rs 249 crore.
The workplace organization remains steady and continues to exhibit robust collections of 98%. The improvement of Downtown, at Gurgaon and Chennai as effectively as the Noida project remains on track.
The festive season added cheer to the retail segment with footfalls displaying improvement. Overall, the retail organization is recovering steadily, with the luxury segment-top it. All our malls are witnessing enhanced footfalls and greater invest per footfall, the organization mentioned.
“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,” it added.
With a sharp decline in Covid instances and enhanced financial activity, there is an improvement in organization self-confidence in the realty sector and its allied industries,” mentioned Ashok Tyagi, DLF’s entire time director.