DLF Q2 net profit up 29% to Rs 629 cr

New Delhi: DLF Limited on Monday reported a consolidated net profit of Rs 629 crore in the second quarter of FY24, up by 29 per cent year-on-year. Company’s income from operations rose marginally to Rs 1,476 crore in Q2 FY24, according to the company’s regulatory filing.

New sales bookings for the quarter stood at Rs 2,228 crore with gross margins at 57 percent. It also said that it achieved net cash-positive status during the quarter.

Company’s super luxury offering – The Camellias in DLF 5, Gurugram, saw healthy demand during the quarter and continues to set new benchmarks vindicating strong demand for high quality residential products backed by a strong brand. The firm continue to see sustained demand momentum across all segments and hence keep a positive outlook on the housing cycle.

Collections continued to remain healthy resulting in record cash flow generation during the quarter. Consequently, post dividend payout of Rs 990 crore, the firm achieved a net cash position of Rs 142 crore at the end of the second quarter.

The office portfolio continues its path of gradual recovery and retail segment continues to deliver healthy growth. Q2FY24 consolidated revenue of DLF Cyber City Developers Limited stood at Rs 1,463 crore, reflecting y-o-y growth of 7 per cent; consolidated profit for the quarter stood at Rs 416 crore, a y-o-y growth of 17 per cent.

Company’s occupancy across the non-SEZ segment has inched back to 97 per cent, demonstrating the high quality and inherent demand for such products, while SEZ occupancy stood at 85 per cent. Our new office developments continue to garner occupiers’ interest and consequently have achieved a pre-leasing of 89 per cent across our two new office complexes – DLF Downtown in Gurugram and Chennai.

Retail business continues its growth trajectory, the company expect construction of our large retail complex in Gurugram to start during this fiscal.