DLF Q1 Profit Up 23%, Sales Bookings Surge - PTI

New Delhi, Jul 25 (PTI) Realty major DLF Ltd on Thursday reported a 23 per cent increase in its consolidated profit to Rs 645.61 crore in the first quarter of this fiscal and clocked record sales of properties of Rs 6,404 crore during the quarter on strong housing demand.

Its net profit stood at Rs 527 crore in the year-ago period.

Total income rose to Rs 1,729.82 crore during the April-June period of this fiscal from Rs 1,521.71 crore in the corresponding period of the previous year, according to a regulatory filing.

"Our development business recorded another quarter of strong sales booking of Rs 6,404 crore leading to a record first quarter sales booking," the company said in a statement.

New Sales bookings stood at Rs 6,404 crore during the first quarter of 2024-25, registering an annual growth of 214 per cent. The sales bookings were driven by the second phase of its luxury project in New Gurugram- 'Privana West', which witnessed strong demand momentum and was entirely sold-out clocking Rs 5,600 crore.

"We believe that the residential segment is witnessing a structural upcycle and hence we continue to strengthen our new product pipeline.

"We stay committed towards leveraging this positive momentum and have planned a strong launch pipeline of an additional 9 million square feet of new products during the fiscal, across various segments and geographies including Gurugram, Mumbai, Goa and Chandigarh Tri-city," DLF said.

The company said it continues to witness healthy sales momentum and strong growth in collections leading to further improvement in its net cash position.

"Our rental business continued its steady performance during the period," DLF said.

DLF's rental arm DLF Cyber City Developers Ltd (DCCDL) revenue stood at Rs 1,553 crore, reflecting y-o-y growth of 10 per cent while consolidated profit for the quarter stood at Rs 470 crore, registering a y-o-y growth of 20 per cent.

"We continue to have a positive outlook on the rental business and are accelerating our capex commitments to further strengthen our rental portfolio and deliver healthy growth," the company said.

DLF is India's leading real estate developer and has more than seven decades of track record.

It has developed more than 178 real estate projects and developed an area in excess of 349 million square feet.

DLF Group has 220 million square feet of development potential across residential and commercial segment.

The group has an annuity portfolio of over 44 million square feet.

DLF is primarily engaged in the business of development and sale of residential properties (Development Business) and the development and leasing of commercial and retail properties (Annuity Business).