Realty major DLF Ltd on Monday reported a consolidated net profit at Rs 337.17 crore in the first quarter of this fiscal year on higher revenue.
The company had posted a net loss of Rs 71.52 crore in the year-ago period.
Total income nearly doubled to Rs 1,242.27 crore in the April-June quarter of 2021-22 financial year from Rs 646.98 crore in the corresponding period of the previous year, DLF said in a regulatory filing.
The company announced a dividend of Rs 2 per share for the last fiscal year.
"We are witnessing encouraging demand in the residential business. Since the pandemic, the inherent demand for homes has gone up, it has reaffirmed that home is the safest place and is an important asset class for most families," DLF said in a statement.
Its sales bookings jumped sharply at Rs 1,014 crore during the April-June quarter.
"We remain enthused with this growing demand in the residential markets and expect this growth cycle to continue in the long run," DLF said.
With this strong outlook and all fundamental drivers supporting the residential segment, the company said it continues to focus on bringing new product offerings across segments and geographies.
DLF said it continues to focus on improving collections.
"Tight cost control measures have led to surplus cash generation of Rs 141 crore during the quarter. Consequently, our net debt stood at Rs 4,745 crore," the statement said.
DLF's Joint Venture firm Cyber City Developers Ltd's (DCCDL) office rental grew 12 per cent Y-o-Y while the retail segment has been impacted again.
The consolidated revenue of DCCDL rose to Rs 1,041 crore as compared to Rs 929 crore last year. Net Profit was at Rs 202 crore as compared to Rs 160 crore during the period under review.
"The rental business is facing a temporary dislocation. With the government leading the vaccination drive and allowing corporates also to do so, it is expected that the vaccinated staff of corporates will start returning to work gradually over the next few months," DLF said.
The demand for office space is expected to return in the second half of the year, it added.
"We believe that the long-term fundamentals for this business remain intact," DLF said.
The company said the retail business is witnessing some short-term dislocations with intermittent local lockdowns.
"All our malls are now operational, though, with certain restrictions. Since the opening of these malls, we are witnessing a steady increase in the footfalls, mirroring the trend of the second half of FY 21," DLF said.
DLF's share ended almost flat at Rs 334 apiece on BSE. Its market capitalisation stood at Rs 82675 crore.
DLF is the country's largest real estate firm in terms of market capitalisation.
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