DLF Q2 results: Net profit jumps 30.5% to Rs 623 cr, sales growth slows
Despite a low single digit rise in its revenue, DLF’s profit was boosted by lower finance costs, employee benefits expenses and other expanses during Q2FY24
- Oct 30, 2023,
- Updated Oct 30, 2023 8:18 PM IST
Real estate major DLF Ltd on Monday reported a 30.5 per cent jump in its net profit for the quarter ended 30 September. The Delhi-based company’s consolidated profit after tax (PAT) stood at Rs 622.8 crore in the July-September quarter, up from Rs 477 crore in the year-ago period.
The realtor, which sells premium apartments and builds luxury commercial properties like malls and offices, however, reported a meagre 3.4 per cent year-on-year rise in its operating revenue. Its revenue from operations surged to Rs 1,348 crore in Q2FY24 from Rs 1,302 crore in the year-ago period.
Despite a low single digit rise in its revenue, DLF’s profit was boosted by lower finance costs, employee benefits expenses and other expanses during the quarter, compared to last year. While, its finance costs declined 16 per cent to Rs 90 crore, employee benefits expanses came down by 9 per cent to Rs 123 crore. Other expanses shrank by 12 per cent y-o-y to Rs 181.6 crore.
According to the company, it generated record surplus cash from operations, which stood at Rs 1,147 crore during the September quarter, while its new sales booking was Rs 2,228 crore.
“Our new products and existing inventory continue to evince strong customer interest. Our super luxury offering – The Camellias in DLF 5, Gurugram, saw healthy demand during the quarter and continues to set new benchmarks vindicating strong demand for high quality residential products backed by a strong brand,” DLF said in a stock exchange filing.
According to DLF management, it continues to witness “sustained demand momentum across all segments and hence keep a positive outlook on the housing cycle. Our new product launches that have been planned for the second half of the fiscal remain on track and we remain committed to bringing calibrated supply across our key markets and leverage this growth cycle”.
In the September quarter, occupancy levels across DLF’s non-SEZ segment inched back to 97 per cent, which, according to DLF, reflects inherent demand for high quality products, while SEZ segment occupancy stood at 85 per cent. “Retail business continues its growth trajectory and our progress towards expanding our retail offerings stays on track. We expect construction of our large retail complex in Gurugram to start during this fiscal," said DLF.
Also Read: TCS, Infosys, Wipro: Employee headcount down 51,744 in H1 FY24
Real estate major DLF Ltd on Monday reported a 30.5 per cent jump in its net profit for the quarter ended 30 September. The Delhi-based company’s consolidated profit after tax (PAT) stood at Rs 622.8 crore in the July-September quarter, up from Rs 477 crore in the year-ago period.
The realtor, which sells premium apartments and builds luxury commercial properties like malls and offices, however, reported a meagre 3.4 per cent year-on-year rise in its operating revenue. Its revenue from operations surged to Rs 1,348 crore in Q2FY24 from Rs 1,302 crore in the year-ago period.
Despite a low single digit rise in its revenue, DLF’s profit was boosted by lower finance costs, employee benefits expenses and other expanses during the quarter, compared to last year. While, its finance costs declined 16 per cent to Rs 90 crore, employee benefits expanses came down by 9 per cent to Rs 123 crore. Other expanses shrank by 12 per cent y-o-y to Rs 181.6 crore.
According to the company, it generated record surplus cash from operations, which stood at Rs 1,147 crore during the September quarter, while its new sales booking was Rs 2,228 crore.
“Our new products and existing inventory continue to evince strong customer interest. Our super luxury offering – The Camellias in DLF 5, Gurugram, saw healthy demand during the quarter and continues to set new benchmarks vindicating strong demand for high quality residential products backed by a strong brand,” DLF said in a stock exchange filing.
According to DLF management, it continues to witness “sustained demand momentum across all segments and hence keep a positive outlook on the housing cycle. Our new product launches that have been planned for the second half of the fiscal remain on track and we remain committed to bringing calibrated supply across our key markets and leverage this growth cycle”.
In the September quarter, occupancy levels across DLF’s non-SEZ segment inched back to 97 per cent, which, according to DLF, reflects inherent demand for high quality products, while SEZ segment occupancy stood at 85 per cent. “Retail business continues its growth trajectory and our progress towards expanding our retail offerings stays on track. We expect construction of our large retail complex in Gurugram to start during this fiscal," said DLF.
Also Read: TCS, Infosys, Wipro: Employee headcount down 51,744 in H1 FY24