DLF Q3 Results: Net profit rises 35% to Rs 513 crore on strong residential biz

DLF reported net profit of Rs 513 crore, an increase of 35% year on year during Q3 FY23 as residential business delivered a strong performance and clocked one of the highest quarterly new sales bookings of Rs 2,507 crore.

Cumulative new sales for 9MFY23 stands at Rs 6,599 crore, reflecting Y-o-Y growth of 45%.

DLF’s luxury project – The Grove at DLF5, Gurugram — was sold-out within days of launch.

Sales bookings during the quarter for this product stood at Rs 1,570 crore.

“We remain enthusiastic about the housing industry's intrinsic growth potential which continues to be supported by a resilient economy. Our focus remains on creating customer-centric products that provide a distinctive living experience with best-in-class amenities across our established ecosystems,” DLF said in a statement.

“We continue to work towards further deleveraging and consequently our net debt decreased to Rs 2,091 crore at the end of the quarter,” DLF said.

DLF Cyber City Developers Limited, the rental arm of the company reported 15% year on year growth in rental income.

DCCDL reported consolidated revenue of Rs 1,363 crore as compared to Rs 1,176 crore last year, reflecting a 16% Y-o-Y growth

“Occupiers’ attendance across the portfolio continues to inch upwards with gradual recovery across the office segment. While global headwinds continue to persist leading to a challenging environment, we expect demand for quality office assets at established locations should continue to garner interest of large occupiers,” DLF said.

Company’s retail business exhibited healthy growth.