DLF Q4 profit surges 76% to Rs 436.56 cr; sales bookings jumps over 2-fold in FY19

New Delhi, May 22 (PTI) Realty major DLF has reported a 76 per cent jump in its consolidated net profit to Rs 436.56 crore for the fourth quarter ended March, as its sales booking more than doubled to Rs 2,435 crore in the last fiscal.Its net profit stood at Rs 247.73 crore in the year-ago period, the company said in a regulatory filing late last night.Total income rose to Rs 2,660.95 crore in the fourth quarter of 2018-19, from Rs 1,845.92 crore in the corresponding period previous year.During the full 2018-19 fiscal, net profit declined to Rs 1,319.22 crore from Rs 4,463.86 crore in the previous financial year. The drop in profit was because of exceptional gain from sales of rental business in 2017-18.However, total income rose to Rs 9,029.41 crore in the last fiscal from Rs 7,663.71 crore in the preceding financial year.On Wednesday, DLF said in a statement that the company has successfully completed the Qualified Institutional Placement (QIP) of Rs 3,173 crore of equity during the fourth quarter last fiscal. The QIP coupled with infusion of Rs 11,250 crore by the promoters has completely transformed its balance sheet."With the debt overhang behind us and completion of all legacy projects, DLF will now work with enhanced focus on generating free cash flow through monetisation of our ready to occupy inventory."The company is now entering into the next wave of asset build-out at certain select marquee locations in both, residential and commercial segments, which will enable substantial ROE (return on equity) growth," the company said.On operational front, DLF said it achieved a net sales of Rs 2,435 crore during the last fiscal as against Rs 1,000 crore in the preceding year. It has completed projects of 6.3 million sq ft.The realty major has delivered about 115 million sq ft, since its IPO. It has developed 28 million sq ft of rent yielding assets. The rental income has grown 18 times from Rs 155 crore in FY07 to Rs 3,140 crore in FY19. It has also developed 87 million sq ft of projects under its development business."The company continued to see good sales in the residential segment. We have started monetising our ready to occupy inventory across the country in the premium and luxury segments," the statement said.DLF is now gearing towards the next cycle of development and is planning to build 17 million sq ft of residential and commercial space in the near future. PTI MJH BAL