Real estate major DLF reported a 29 per cent increase in consolidated net profit to ₹629 crore for the quarter ending September 30, 2023. The net profit in the year-ago period was ₹477 crore.

For the period under review, the total income from operations rose marginally to ₹1,476 crore, up 9 per cent YoY. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at ₹591 crore.

Sales bookings touched ₹2,228 crore in Q2 with gross margins at 57 per cent.

Net debt zero

In a statement, the company said it achieved “record surplus cash generation from operations” at ₹1,147 crore. The company is now Net Debt zero.

“(The) super luxury offering, The Camellias in DLF 5, Gurugram, saw healthy demand during the quarter, vindicating strong demand for high-quality residential products backed by a strong brand. We continue to see sustained demand momentum across all segments and hence keep a positive outlook on the housing cycle,” the company said in a release.

Gradual recovery in office space

DLF said that its office portfolio continues to be on a “path of gradual recovery and retail segment continues to deliver healthy growth”. In Q2FY24, consolidated revenue of DLF Cyber City Developers Ltd stood at ₹1,463 crore, up 7 per cent YoY; consolidated profit for the quarter stood at ₹416 crore, up 17 per cent, YoY.

“Occupancy across the non-SEZ segment has inched back to 97 per cent, while SEZ occupancy stood at 85 per cent. Pre-leasing of 89 per cent (was witnessed) across our two new office complexes – DLF Downtown in Gurugram and Chennai,” the company said.

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