Real estate major DLF on January 25, 2023, said its net profit for the October-December period (Q3) of 2022 (FY23) stood at Rs 515 crore, indicating an annual increase of over 35%. During the same quarter last year, its net profit stood at Rs 477.20 crore, the company said in a regulatory filing.
Total income for DLF, India’s biggest real estate company by market capitalisation, however, stood at Rs 1,559.66 crore, declining from Rs 1,686.92 crore reported last year. The developer’s revenue from operations also declined from Rs 1,550 crore to Rs 1,495 crore during the period under review.
Aided by a fall in expenses and rising demand for various housing projects, DLF reported new sales bookings of Rs 2,507 crore, reflecting 24% YoY growth, the Delhi-headquartered company said in a regulatory filing. Cumulative new sales for the nine-month period of this fiscal stand at Rs 6,599 crore, reflecting 45% YoY growth.
“We remain well positioned to achieve our business objectives, which are strongly supported by continued housing demand, quality offerings and a healthy balance sheet,” the company said in a statement.
Total expenses for the quarter stood at Rs 1,152 crore as against Rs 1,211 crore in a year-ago period. Shares of DLF closed at Rs 352.05 on January 25, 2023, down over 6% so far this year.
Meanwhile, the company has unveiled plans to launch a luxury housing project in Gurgaon in February 2023, with an estimated sales revenue of around Rs 7,500 crore as it seeks to tap strong demand for high-end apartments. DLF plans to develop around 1,100 flats in this project, company group executive director and chief business officer Aakash Ohri told media.