DLF sells properties worth Rs 2,040 cr in Apr-Jun; sales bookings flat

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 flat on an annual basis. Its sales stood at the same Rs 2,040 crore in the year-ago period.

When contacted, DLF Group Executive Director Aakash Ohri said the sales bookings remained strong during the June quarter.

"We did not launch any new housing project in the first quarter. The entire sales bookings are from ongoing projects. We will bring new projects in markets in Q2 and the second half of this fiscal," Ohri told PTI.

According to an investor's presentation, DLF sold 13 units in 'The Camelias' housing project in Gurugram for Rs 564 crore.

The company sold properties worth Rs 659 crore in the 'One Midtown' project in the national capital.

On Friday, DLF reported a 12 per cent rise in consolidated net profit to Rs 527 crore in the first quarter of this fiscal.

The company's net profit stood at Rs 469.57 crore in the year-ago period.

Total income rose marginally to Rs 1,521.71 crore in the April-June period of the 2023-24 financial year from Rs 1,516.28 crore in the year-ago period.

In a statement, DLF said, "Our launched inventory continues to witness healthy traction from customers."

DLF said it remains optimistic about the demand for housing as the cycle continues to remain positive.

"We are gearing up for bringing new products into the markets during the fiscal. We believe that macro tailwinds, along with the strong demand outlook, augur well for our business," the company said.

Further, DLF said it will continue to focus on strengthening its balance sheet and cash generation.

"Strong collections led to a further reduction in net debt during the quarter. Consequently, our net debt now stands reduced to the lowest ever at Rs 57 crore," the statement said.

DLF is India's largest realty firm in terms of market capitalisation.

It has developed more than 158 real estate projects and an area of over 340 million square feet.

DLF Group has 215 million square feet of development potential across residential and commercial segments.

The group has an annuity portfolio of over 42 million square feet.