New Delhi: Realty firm DLF Ltd on Thursday reported a 66 per cent increase in consolidated net profit at Rs 378.12 crore for the quarter ended September while sales bookings grew 77 per cent to Rs 1,512 crore on revival in housing demand, particularly for luxury apartments.
The company's net profit stood at Rs 227.75 crore in the year-ago period.
Total income, however, declined to Rs 1,556.53 crore in the second quarter of the current fiscal from Rs 1,723.09 crore in the corresponding period of the previous year.
DLF's Whole Time Director and CEO Ashok Kumar Tyagi said, "we are encouraged by the rising housing sales and improving consumer sentiments across segments and remain committed to bringing new offerings to the market".
"We believe our quality offerings across our completed inventory, growing new product pipeline coupled with a fortified balance sheet has placed the company in a unique position to scale up and leverage this growth cycle," he said in a statement.
New sales bookings during the September quarter stood at Rs 1,512 crore, registering a Y-o-Y (Year-on-Year) growth of 77 per cent.
"The super luxury segment exhibited outperformance with 'The Camellias' clocking record new sales of Rs 1,037 crore in the quarter. This demonstrates the quality of demand for best-in-class offerings backed by a strong and credible brand," DLF said.
The demand for independent floors across Gurugram market continues to witness healthy absorption, it noted.
"The residential business continues to tread on its growth trajectory with healthy traction and strong demand momentum across segments and geographies. We are encouraged with these improving demand trends in the residential markets and expect these trends to remain for the long run," DLF said.
According to the company, with increasing volumes and well calibrated price hikes, it expects further margin expansion for its projects.
The company's net debt stood at Rs 3,985 crore at the end of September.
DLF's rental arm DLF Cyber City Developers Ltd (DCCDL), a joint venture firm with Singapore sovereign wealth fun GIC, continued to exhibit resilient performance while the retail business has exhibited a strong rebound.
The net profit of DCCDL rose 36 per cent to Rs 231 crore in the latest September quarter. The consolidated revenue increased to Rs 1,123 crore as compared to Rs 1,040 crore during the same period.
DLF has 66.67 per cent stake in DCCDL.