Real estate major DLF today reported a 6.4 per cent year-on-year rise in its net profit for the January-March quarter. The Delhi-headquartered firm’s profit after tax rose to Rs 481 crore from Rs 452.3 crore in the corresponding quarter last year.
During the period, DLF’s consolidated revenue from operations stood at Rs 1,713 crore, growing 1.1 per cent over the year-ago quarter. Lower cost of materials improved its bottom-line growth. In the quarter, its cost of materials consumed declined by 9.1 per cent to Rs 871 crore.
For the 2020-21 financial year, DLF reported massive improvement in its profitability. While in FY20, it posted Rs 596.6 crore net loss, in FY21 DLF reported Rs 1,097.1 crore net profit, in spite of lower operating revenue.
During the year, DLF’s operating revenue stood at Rs 5,414 crore – 11 percent lower than Rs 6,082.8 crore that it had reported in the previous year. However, falling cost of raw materials used helped its margins. In FY21, its raw material costs plunged 16 percent to Rs 2,849 crore from Rs 3,380 crore in FY20.
According to the company, its topline suffered due to subdued performance of its retail business. But optimization of its cost structures and efficient working capital management coupled with a steady ramp-up in collections led to positive cash flows in all quarters. In FY21, its net debt fell by Rs 382 crore to Rs 4,885 crore.
DLF further said, demand in the residential business exhibited a strong comeback during the year. Its new sales bookings for the year stood at Rs 3,084 crore – 24 percent higher than the previous year.
“Our new product launches of independent floors in DLF City and New Gurgaon witnessed healthy absorption vindicating demand for quality products in established locations. We clocked new products sales booking of Rs 908 crore during the second half of the fiscal”, it said.
The board of DLF Ltd today announced two new chief executives for the company. Two company veterans – Ashok Kumar Tyagi and Devinder Singh – have been entrusted with the top job for the leading realty firm.
Tyagi, who has been the chief financial officer for the group since 2009, was later appointed as a whole-time director of DLF. After joining as an executive director in 2008, he led various functions in the company like business planning, budgeting, project monitoring, audits and document control.
Singh is serving in the company since 1985 and was responsible for overseeing growth in the crucial Gurugram market for years. Later he was in-charge of business in the entire north India region and looked after land, regulatory matters, business development, operations and facility management. He was appointed a whole-time director at DLF’s board in 2017.
Both Tyagi and Singh have been appointed as CEO and whole-time director of DLF till 30 November, 2022, the company informed the Bombay Stock Exchange.