DLF on Friday reported a consolidated net profit of Rs 481 crore during the January-March quarter against a net loss of Rs 1,865 crore in the year-ago period as housing sales bounced back. Total income during the period was up marginally at Rs 1,907 crore.
On the performance, DLF said, “Demand in residential business exhibited a strong comeback in the fiscal. New sales bookings for the fiscal stood at Rs 3,084 crore, reflecting a y-o-y growth of 24%. Our new product launches of independent floors in DLF City and New Gurgaon witnessed healthy absorption vindicating demand for quality products in established locations. We clocked new products sales booking of Rs 908 crore during the second half of the fiscal”.
Optimised cost structures and efficient working capital management coupled with a steady ramp-up in collections led to positive cash flows in all quarters. Consequently, DLF’s net debt declined by Rs 382 crore to Rs 4,885 crore at the end of March 2021.
DLF said office rentals grew by 10% during the fiscal, while retail business exhibited steady recovery during the second half of the fiscal.
Its rental arm, DLF Cyber City Developers (DCCDL) reported consolidated revenue of Rs 4,385 crore in Q4FY21 against Rs 5,085 crore last year. The performance was muted due to the impact on retail business. Ebitda stood at Rs 3,417 crore compared to Rs 3,722 crore last year. Net profit was lower at Rs 913 crore against Rs 1,317 crore a year ago, primarily due to lower retail revenue and lower interest income.
“Progress on getting DCCDL REIT ready remains on track. The rental business is witnessing some short-term impact with new leasing activity remaining tepid due to the resurgence of the pandemic. We, however, believe it is a temporary blip, and the underlying attractiveness of the Indian market is expected to remain in place,” DLF said.
The IT sector, including captives, continued to exhibit growth and hiring activity is expected to rise. Hence, the company continues to maintain a positive outlook for the rental business, it added.
The real estate developer announced re-designation of Ashok Tyagi and Devinder Singh as whole time directors and CEOs of the company. The management change took place after CEO Rajeev Talwar superannuated on March 31, 2021.
DLF also inducted daughters of DLF chairman Rajiv Singh, Savitri Singh and Anushka Singh as non-executive and non-independent directors on the company’s board.
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