DLF Q3 PAT rises 9% YoY to Rs 452 cr

The realty major reported 9% rise in consolidated net profit to Rs 452 crore on 15% jump in net sales to Rs 1543 crore in Q3 FY21 over Q3 FY20.

Consolidated profit before tax came rose 5% to Rs 386.76 crore in Q3 FY21 from Rs 368.61 crore in Q3 FY20. Current tax expense fell 26.2% year on year to Rs 104.24 crore in Q3 FY21.

EBITDA jumped 49% to Rs 624 crore in Q3 FY21 from Rs 419 crore in the same period last year. DLF said demand in the residential business is improving, aided by a low-interest cost regime, various government incentive initiatives and quality supply with affordability.

During the quarter, DLF launched Independent Floors in DLF City, which was absorbed in record time, demonstrating demand for quality products in established locations. New Sales bookings for the quarter rose to Rs 1,022 crore, reflecting a 40% growth year on year. The company assured it continues to step up on new launches and remain focused on creating a healthy pipeline of new products offering diversity across segments and geographies.

The realty major remains focused on cost optimization and tight working capital management. The quarter closed with a positive cash flow of Rs 115 crore and Net Debt reduced to Rs 5,100 crore in Q3 FY21.

DLF Cyber City Developers (DCCDL)'s rental business continued to exhibit resilience. The company saw Q-o-Q growth in rental income as retail business paced towards normalcy. The company said it maintains a positive outlook for its rental business. The tenant workforce is slowly returning to their workspaces in our facilities. The office business remains stable and continues to exhibit strong collections of 98%. The development of Downtown, at Gurugram & Chennai and NOIDA project remains on track.

The festive season added cheer to the retail segment with footfalls showing improvement. Overall, the retail business is recovering steadily, with the luxury segment-leading it. All our malls are witnessing increased footfalls and better spend per footfall, it said.

"In our process for getting the rental business REIT ready, DCCDL has engaged advisors for its rental business and we are hopeful that the process is expected to be completed in the next 12 months, it added.

DLF is India's real estate developer and has more than seven decades of track record of sustained growth, customer satisfaction, and innovation. DLF has developed 153 real estate projects and developed an area of approximately 330 million square feet.

Shares of DLF ended 2.03% lower at Rs 255.40 on Friday.

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