DLF remain on track to achieve our short term as well as long term business goals.
Consolidated Revenue stood at Rs 2,181 crore and gross margins at 45%. Net Profit at Rs 1,387 crore; includes reversal of deferred tax liabilities of ~ Rs 606 crore, pursuant to change in tax rate on long term capital gain on enactment of the Finance Act, 2024.
New Sales bookings of Rs 692 crore and healthy operating cash surplus at Rs 1,211 crore.
The outlook for the residential business continues to be strong and development business continues to exhibit steady performance. New sales bookings during the quarter were down to Rs 692 crore reflecting delay in receiving the requisite approvals for our new product launches. The approval for our super luxury offering-The Dahlias in DLF 5, Gurugram, have since been received in the early part of the current quarter. New sales bookings for the first half of the fiscal stands at Rs 7,094 crore and we remain on track to meet our guidance for the full fiscal.
Company’s net cash position stood at Rs 2,831 crore at the end of the period despite a higher dividend payout of Rs 1,238 crore during this quarter.
DCCDL delivered another strong quarter. Q2FY25 consolidated revenue of DLF Cyber City Developers Limited (“DCCDL”) stood at Rs 1,653 crore, reflecting y-o-y growth of 13%; consolidated profit for the quarter stood at Rs 521 crore, registering a healthy growth of 25% as compared to Q2FY24.
Company’s rental business is experiencing a positive upturn and is demonstrating steady growth. Encouraged by these strong trends, we have accelerated our capex commitments to fuel growth of rental portfolio and have commenced development of the subsequent phases of Downtown, Chennai and Downtown, Gurugram totaling around 11 msf which includes a large 2 msf (approximate) retail destination in Gurugram. Ongoing projects, including Atrium Place in Gurugram and 3 retail malls, remain on track to commence rents in the next fiscal.
