Real Estate

DLF Q2 net profit declines 49 per cent to ₹227 crore

Our Bureau New Delhi | Updated on October 30, 2020 Published on October 30, 2020

Real estate major DLF on Friday reported a 49 per cent decline in consolidated net profit for the quarter ended September 30 at ₹227.75 crore ( net profit of ₹443.41 crore).

It may be recalled that the company had reported a net loss of ₹71.52 crore in the first quarter this fiscal.

The total income of the company for the quarter under review declined 11 per cent to ₹1,723.09 (₹1940.05 crore)

“The residential business is seeing green shoots of demand with consumer interest witnessing rising trends. We believe that consistent quality supply in conjunction with affordability will lead to overall recovery in demand,” a company statement said.

 

New Sales bookings for the quarter under review rose to ₹853 crore as compared to ₹152 crore in the previous quarter, the statement added. The company is getting ready for a new build out cycle and have identified a strong pipeline to be launched across various segments and geographies over the next few years, the statement added.

 

“The office business remains stable and continues to exhibit strong collections of 98 per cent plus levels. Cyber Park, a 2.5 million square feet commercial development in Gurugram, commenced operations from August. This addition of asset to the rental portfolio will lead to incremental revenue of ₹375 crore- ₹400 crore,” said the statement.

The company is taking steps to start the process of getting the rental business REIT ready, according to a company release.

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Published on October 30, 2020
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