DLF net profit increases 12% year over year to Rs 527 crore in first quarter

24 Jul 2023 , 12:34 PM

The consolidated net profit for the June quarter for real estate giant DLF Ltd. increased 12% year over year (YoY) to Rs 527 crore. During the same time period last year, it was Rs 470 crore.

However, operating revenue for the period dropped just 1%, to Rs 1,423 crore in the June quarter. A year ago, the same was worth Rs 1,441 crore.

Sequentially, profit decreased 8% from the Rs 570 crore reported in the March quarter before.

The revenue was down 2% from quarter to quarter. EBITDA (earnings before interest, tax, depreciation, and amortization) for the company was Rs 396 crore in the reporting quarter, down 4% from the same period last year.

Additionally, first-quarter margins decreased as well, falling to 27.8% from 28.6% a year earlier. Additionally, DLF declared that it would use its subsidiary DLF Home Developers to join the Mumbai real estate market.

Trident will receive 9800 equity shares from DLF Home Developers’ subsidiary Pegeen Builders and Developers at par as a result of the company’s execution of a securities subscription and shareholders’ agreement.

As a result, after the allocation, DHDL will own 51% of Pegeen’s equity share capital. Trident is now building a slum redevelopment project in Andheri, Mumbai, through its subsidiary Sahyog Homes.

In order to develop the project’s initial phase, Pegeen has additionally consented to sign a development agreement with Sahyog Homes. 

For feedback and suggestions, write to us at [e-mail]