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DLF’s office rentals grew by 10 per cent and retail business exhibited steady recovery.
Shares of the Delhi-based real estate developer – DLF – fell as much as 6.2 per cent to hit an intraday low of Rs 290.75 after its reported March quarter earnings. DLF reported net profit of Rs 481 crore in January-March period compared with a loss of Rs 1,858 crore during the same period last year. DLF’s revenue from operations rose 1 per cent annually to Rs 1,712.57 crore.
DLF’s residential business saw a comeback in financial year 2020-21.
“Demand in the 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 per cent. 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,” DLF said in a press release.
“Optimized cost structures and efficient working capital management coupled with a steady ramp-up in collections led to positive cash flows in all quarters. Consequently, our Net Debt stood at Rs 4,885 crore, a reduction of Rs 382 crore,” DLF added.
For the financial year 2020-21 DLF’s office rentals grew by 10 per cent and retail business exhibited steady recovery during the second half of the fiscal, the company said.
Consolidated revenue for the previous fiscal came in at Rs 4,385 crore as compared to Rs 5,085 crore last year. The performance was muted due to the impact on retail business. EBITDA or operating profit stood at Rs 3,417 crore as compared to Rs 3,722 crore last year. Net profit at Rs 913 crore as compared to Rs 1,317 crore, primarily due to lower retail revenue and lower interest income, DLF added.
As of 11:46 am, DLF shares traded 3.47 per cent lower at Rs 299.20, underoserforming the Sensex which was down 0.41 per cent.
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