DLF Q2 results: Firm posts profit of Rs 378 crore

New Delhi: DLF reported a net profit of Rs 378.12 crore during the second quarter ended September 2021 due to strong demand in the residential business. The company had reported a profit of Rs 227.75 crore during the second quarter ended September in 2020, due to the pandemic induced lockdown.

The consolidated revenue of the company stood at Rs 1,557 crore.

The company said that the residential business continues to tread on its growth trajectory with healthy traction and strong demand momentum across segments and geographies. New sales bookings exhibited strong performance during the quarter and stood at Rs 1,512 crore, reflecting a year-on-year (YoY) growth of 77%.

“As India’s leading real estate company, we remain committed to driving business growth while building resilient ecosystems that promote a more sustainable way of living. We are continually striving to embed leading ESG practices in our business and operations. This recognition towards our ESG initiatives is a further testament to our efforts,” said Ashok Kumar Tyagi, Whole-time Director & CEO DLF Limited.

DLF said the super-luxury segment exhibited outperformance with “The Camellias” clocking record new sales of Rs 1,037 crore in the quarter. Demand for the company’s new products of Independent Floors across the Gurugram market continues to witness healthy absorption.

“We are encouraged with these improving demand trends in the residential markets and expect these trends to remain for the long run. Given this positive outlook supported by improved fundamental drivers, we continue with our endeavour of bringing new offerings across segments and geographies. With increasing volumes and well-calibrated price hikes, we expect further margin expansion for our projects,” the company said in a statement.

DLF Cyber City Developers, the rental arm of the company posted consolidated revenue of Rs 1,123 crore as compared to Rs 1,040 crore last year. The company said the rental business continues to exhibit resilient performance and the retail business has exhibited a strong rebound.

“The rental business witnessed a temporary dislocation with the second wave. With the rapid vaccination drive led by Government and lower infection rates, companies are gradually returning to their workplaces. Strong business growth and aggressive hiring plans by IT/ITeS will aid in the recovery and growth of this segment. We believe that the long-term fundamentals for the business and attractiveness of India as a service market remain intact,” the company said.

The retail business continues to exhibit fast recovery.