New Delhi, July 29
Realty major DLF saw its net profit rise 39 per cent to ₹470 crore for the quarter ended June 30, 2022. Net profit in the year-ago period was around ₹337 crore.
The company’s consolidated total income rose 22 per cent y-o-y to ₹1,516 crore. Total income was at ₹1,242 crore in the corresponding period last year.
DLF, India’s largest real estate company in terms of market capitalisation, also saw the new sales bookings from its residential projects rise 101 per cent y-o-y to ₹2,040 crore.
“Residential demand continues to exhibit sustained momentum. The high demand for luxury homes has been a key trend that is expected to continue,” the company said in a media statement.
According to the company, ‘The Camellias, its super luxury offering delivered sales booking of ₹352 crore during the quarter.
“Our new product offerings continue to evince strong interest from the markets and made a healthy contribution of ₹1,532 crore,” it said adding that while rising interest rates may pose some challenges, the structural recovery in the residential segment is likely to continue.
Surplus cash generated during the quarter was to the tune of ₹421 crore, “which led to further deleveraging”. The company’s net debt at the end of quarter stood at ₹2,259 crore.
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