DLF advances after posting turnaround Q1 results

DLF gained 2.62% to Rs 342.75 after the realty major posted a consolidated net profit of Rs 337 crore in Q1 FY22 as against a net loss of Rs 70.65 crore registered in Q1 FY21.

Net sales jumped 107.7% to Rs 1,139.53 crore in Q1 FY22 from Rs 548.63 crore registered in Q1 FY21. The real estate developer posted a profit before tax of Rs 285.33 crore in Q1 FY22 as against a pre tax loss of Rs 178 crore in Q1 FY21.

The company said it saw encouraging demand in the residential business. New sales bookings exhibited sustained performance sequentially and stood at Rs 1,014 crore, reflecting a 567% year on year growth. DLF registered new products sales booking of Rs 542 crore during the quarter. The luxury segment remains attractive, with Camellias witnessing sustained demand despite the resurgence of the pandemic.

DLF said the company continues to focus on bringing new product offerings across segments and geographies. The company further said that it continues to focus on improving its collections and tight cost control measures that have led to surplus cash generation of Rs 141 crore during the quarter. Consequently, the company 's net debt stood at Rs 4,745 crore.

DLF is primarily engaged in the business of development and sale of residential properties (the "development business") and the development and leasing of commercial and retail properties (the "annuity business").

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