DLF Q1 results: Net profit up 12% at Rs 527 cr, revenue falls marginally

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.

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