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DLF’s Q2 net profit up 66% at Rs378 crore

BENGALURU :

DLF Ltd, India’s largest real estate, on Thursday reported  ₹378.12 crore net profit in the September quarter, up 66% from ₹227.5 crore a year ago, on the back of strong residential demand across product categories.Revenue for the second quarter however fell to ₹1557 crore, from ₹1723.09 crore during the same period.New sales bookings during the September-ended quarter stood at ₹1,512 crore. DLF’s super luxury project ‘The Camellias’ clocked record new sales of ₹1,037 crore in the quarter.“Demand for our new products of independent floors across Gurugram market continues to witness healthy absorption. The monetization of our completed inventory across markets continues to gain traction,” DLF said in a statement.“We are encouraged with these improving demand trends in the residential markets and expect these trends to remain for the long run. Given this positive outlook supported by improved fundamental drivers, we continue with our endeavor of bringing new offerings across segments and geographies. With increasing volumes and well-calibrated price hikes, we expect further margin expansion for our projects,” the Gurugram-based firm said.It said that its focus on collections along with prudent capital allocation has led to significant cash generation of ₹759 crore in the July-September period.Its rental arm DLF Cyber City Developers Ltd clocked revenue of ₹1123 crore compared to ₹1040 crore last year.“As India’s leading real estate company, we remain committed to drive business growth while building resilient ecosystems that promote a more sustainable way of living. We are continually striving to embed leading ESG practices in our business and operations. This recognition towards our ESG initiatives is a further testament to our efforts,” said Ashok Kumar Tyagi, whole-time director and CEO, DLF.The company said the rental business witnessed a temporary dislocation with the second wave.“With the rapid vaccination drive led by government and lower infection rates, companies are gradually returning to their workplaces. Strong business growth and aggressive hiring plans by IT/ITeS will aid in the recovery and growth of this segment. We believe that the long-term fundamentals for the business and attractiveness of India as a service market remains intact,” DLF said.DLF’s malls are all operational now, with certain restrictions, and it said it is witnessing a steady increase in the footfalls and expects growth in consumption across all segments. 

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