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Thursday, July 25, 2024

DLF Records Impressive 30.32% Growth in Net Profit for Q2 FY24

DLF's net consolidated total income stood at Rs 1,476.42 crore in Q2 FY24, a growth of 8.52 per cent from Rs 1,360.50 crore it recorded in the similar quarter last year.

DLF has released its latest financial report for the quarter ending on September 30, 2023, and the results are indeed impressive. The real estate giant has shown a robust 30.32% growth in its consolidated net profit, a significant achievement in the competitive market.

In specific numbers, DLF’s profit after tax for Q2 FY24 soared to an impressive Rs 621.89 crore, a substantial increase from the Rs 477.20 crore reported in the corresponding quarter of the previous fiscal year. These figures were disclosed in the company’s filing with the Bombay Stock Exchange (BSE).

The company’s performance isn’t just limited to profit growth. DLF also experienced a notable uptick in its net consolidated total income, which reached Rs 1,476.42 crore during the same period in Q2 FY24. This represents an impressive 8.52% increase from the Rs 1,360.50 crore recorded during the similar quarter the previous year.

In addition to these financial achievements, DLF declared a dividend of Rs 4 per share, based on the face value of Rs 2 per equity share, totaling an impressive Rs 990.12 crore.

A noteworthy development during this quarter was related to Pegeen Builders & Developers (Pegeen), a wholly-owned subsidiary. During this period, Pegeen issued additional share capital to Trident Buildtech (Trident), equivalent to a 49% stake. This change in shareholding now places the group in control of a 51% stake, reclassifying Pegeen as a joint venture.

Notably, in August 2023, the National Company Law Tribunal (NCLT) at the Chandigarh Bench approved an amalgamation scheme involving Gavel Builders & Constructions, Jesen Builders & Developers, Jingle Builders & Developers, Keyna Builders & Constructions, Morgan Builders & Developers, Morina Builders & Developers, and Morven Builders & Developers with DLF Homes Panchkula. This move underscores DLF’s commitment to strategic expansion and integration, as detailed in the regulatory filing.

The quarter also saw DLF achieve new sales bookings totaling a substantial Rs 2,228 crore, demonstrating its ongoing ability to attract and serve its customer base. Furthermore, the consolidated revenue of DLF Cyber City Developers in Q2 FY24 reached an impressive Rs 1,463 crore, showing a noteworthy year-on-year growth rate of 7%. The consolidated profit for the quarter stood at Rs 416 crore, reflecting a substantial 17% year-on-year growth, highlighting DLF’s strong financial performance in multiple areas of its business operations.

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