Realty major DLF sold properties worth Rs 2,040 crore during the first quarter of this fiscal, mainly driven by demand for its luxury properties in Delhi and Gurugram.
The company’s sales bookings remained stable on a year-on-year basis. Its sales stood at Rs 2,040 crore in the same period a year ago.
When contacted, DLF Group Executive Director Akash Ohri said sales bookings remained strong during the June quarter.
“We did not launch any new residential projects in the first quarter. The entire sales booking is from ongoing projects. We will bring new projects to the market in the second quarter and second half of this fiscal,” Ohri told PTI.
According to an investor presentation, DLF sold 13 units in ‘The Camellias’ housing project in Gurugram for Rs 564 crore.
The company sold properties worth Rs 659 crore in its ‘One Midtown’ project in the national capital.
On Friday, DLF reported a 12 per cent rise in consolidated net profit at Rs 527 crore for the first quarter of the current financial year.
The company’s net profit in the same period a year ago was Rs 469.57 crore.
Total income rose marginally to Rs 1,521.71 crore in the April-June period of fiscal 2023-24 from Rs 1,516.28 crore in the year-ago period.
In a statement, DLF said, “Our launched inventory continues to receive good customer response.”
DLF said it is optimistic about housing demand as the cycle remains positive.
“We are gearing up to bring new products to the markets during the course of the financial year. We believe the strong demand scenario as well as the macro tailwind augurs well for our business,” the company said.
Besides this, DLF said it will continue to focus on strengthening its balance sheet and cash generation.
“Net debt further reduced during the quarter due to strong collections. As a result, our net debt has come down to an all-time low of Rs 57 crore,” the statement said.
DLF is the largest realty company in India in terms of market capitalization.
It has developed over 158 real estate projects and an area of over 340 million sq. ft.
DLF Group has a development potential of 215 million sq ft in residential and commercial sectors.
The group has an annual portfolio of over 42 million sq ft.