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DLF Q3 profit jumps 37% on account of reduced costs and stable demand

Indian real estate developer DLF Ltd reported a nearly 37% rise in quarterly profit on Wednesday, helped by a fall in expenses and rising demand for various housing projects.

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DLF | Q3 results

Reuters  |  BENGALURU 



DLF
Photo: Reuters

Indian real estate developer Ltd reported a nearly 37% rise in quarterly profit on Wednesday, helped by a fall in expenses and rising demand for various housing projects.

New Delhi-based DLF, India's biggest real estate company by market capitalisation, posted a consolidated net profit of 5.19 billion rupees ($63.62 million) for the quarter ended Dec. 31, from 3.79 billion rupees a year ago.

Analysts, on average, expected a profit of 5.73 billion rupees, according to Refinitiv IBES data.

Real estate demand in the country has remained strong despite repeated interest rate hikes by the central bank, as a rising middle class has been buying houses, and many commercial projects are back on track for completion after a covid-induced pause.

The real estate developer's projects in the Delhi-NCR region, including Gurugram, benefitted from the region's housing price hikes over the last few quarters, analysts have said.

DLF's expenses in the quarter fell almost 5% to 11.52 billion rupees and revenue stood at 14.95 billion rupees, down nearly 4% from a year ago.

Rival Macrotech Developers reported a 41.4% increase in quarterly profit on Tuesday.

Shares of closed at 352.05 rupees on Wednesday, down over 6% so far this year.

($1 = 81.5780 Indian rupees)

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Wed, January 25 2023. 17:52 IST

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