DLF Q1 results: Net profit up 12% at Rs 527 cr, revenue falls marginally
DLF to enter Mumbai real estate market as its arm DLF Home Developers signs agreement for a JV with Trident
- Jul 21, 2023,
- Updated Jul 21, 2023 6:20 PM IST
Realty major DLF Ltd on Friday reported 12 per cent increase in consolidated net profit at Rs 527 crore for the quarter ended June 30, 2023. It reported a consolidated net profit of Rs 470 crore in the year-ago period.
However, the company reported an eight per cent sequential decline in net profit.
DLF’s consolidated revenue fell by a marginal one per cent to Rs 1,423 crore for June quarter as compared to Rs 1,441 crore a year ago.
Revenues also dropped by two per cent on a quarter-on-quarter basis. The company's EBITDA for the reporting quarter stood at Rs 396 crore, reflecting a four per cent year-on-year decrease.
Furthermore, DLF's margins for the first quarter declined to 27.8 per cent, compared to 28.6 per cent in the same period last year.
In a significant development, DLF revealed its entry into the Mumbai real estate market through its subsidiary, DLF Home Developers.
The company executed a securities subscription and shareholders' agreement, resulting in its arm, Pegeen Builders and Developers, allotting 9,800 equity shares at par to Trident. As a result, DHDL will now hold 51% equity share capital of Pegeen.
DLF’s scrip on BSE closed 0.82 per cent lower at Rs 500.75 on Friday.
Also Read | Hindustan Unilever Q1 results: Profit may rise 12-14% YoY; volume growth likely at 5%
Realty major DLF Ltd on Friday reported 12 per cent increase in consolidated net profit at Rs 527 crore for the quarter ended June 30, 2023. It reported a consolidated net profit of Rs 470 crore in the year-ago period.
However, the company reported an eight per cent sequential decline in net profit.
DLF’s consolidated revenue fell by a marginal one per cent to Rs 1,423 crore for June quarter as compared to Rs 1,441 crore a year ago.
Revenues also dropped by two per cent on a quarter-on-quarter basis. The company's EBITDA for the reporting quarter stood at Rs 396 crore, reflecting a four per cent year-on-year decrease.
Furthermore, DLF's margins for the first quarter declined to 27.8 per cent, compared to 28.6 per cent in the same period last year.
In a significant development, DLF revealed its entry into the Mumbai real estate market through its subsidiary, DLF Home Developers.
The company executed a securities subscription and shareholders' agreement, resulting in its arm, Pegeen Builders and Developers, allotting 9,800 equity shares at par to Trident. As a result, DHDL will now hold 51% equity share capital of Pegeen.
DLF’s scrip on BSE closed 0.82 per cent lower at Rs 500.75 on Friday.
Also Read | Hindustan Unilever Q1 results: Profit may rise 12-14% YoY; volume growth likely at 5%