How Will Net Profit Decline of 15 Per cent of DLF in Q3 FY22 Affect The Gurugram Real Estate Market?

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  • 1st Feb 2022
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How Will Net Profit Decline of 15 Per cent of DLF in Q3 FY22 Affect The Gurugram Real Estate Market?
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DLF Ltd reported a 15% decline in overall net profit to Rs 379.49 crore for the December 2021 quarter, but nearly quadrupled sales bookings to Rs 2,018 crore due to high demand for its premium houses.

Its net profit for the same period the previous year was Rs 449 crore.

According to a regulatory filing, total revenue increased slightly to Rs 1,686.92 crore in October-December 2021, up from Rs 1,668.22 crore in the year-ago period.

DLF's net profit declined despite increasing revenue due to the provision of a Rs 224 crore extraordinary item.

The business thinks that the project is fundamentally solid and is continuing to engage with all parties involved to fix this issue.

Net profit climbed to Rs 1,094.78 crore from Rs 605.23 crore in the year-ago period during the April-December 2021 period.

Total revenue increased to Rs 4,485.72 crore in the first nine months of the current fiscal year, up from Rs 4,038.30 crore in the same time last year.

DLF stated in a statement that it achieved record new sales of Rs 2,018 crore in the December quarter, representing a 97 percent annual growth rate.

Cumulative sales bookings stood at Rs 4,544 crore during a nine-month period, indicating a solid resurgence in this area.

The property developer continues to see persistent demand for independent floors in Gurugram and continues to introduce new projects in this sector.

Price increases combined with increased volume will result in additional portfolio margin expansion, DLF stated.

"During the quarter, we generated surplus cash of Rs 764 crore, which resulted in a significant reduction in our net debt, which stood at Rs 3,220 crore at the end of the quarter," DLF added.

The office sector remains on a recovery path. However, the COVID-19 reappearance may temporarily delay the recovery.

DLF has developed 153 properties totalling around 330 million square feet.

It has a total development potential of 215 million square feet in the residential and commercial sectors.

The North India-based real estate development company has approximately 35 million square feet of annuity properties.


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