DLF Q3 Results: Net profit rises 27% to ₹656 crore on sustained housing demand
DLF Ltd on Wednesday reported a 27% increase in consolidated net profit to ₹655.71 crore in the December quarter on higher income and less expenses. Its net profit stood at ₹517.94 crore in the year-ago period.
Total consolidated income rose to ₹1,643.51 crore in the October-December quarter of the 2023-24 fiscal from ₹1,559.66 crore in the corresponding period of the previous year, according to a regulatory filing. DLF's total expenses declined to ₹1,131.97 crore in the third quarter of this fiscal from ₹1,151.62 crore in the year-ago period.
DLF board also approved the sale of its office building DLF Centre in the national capital to group firm DLF Cyber City Developers Ltd (DCCDL) for ₹825 crore. "In line with the company's stated intent and strategy to consolidate the rental business, the board has approved the sale of one of the company's assets namely 'DLF Centre', a commercial building in the Central Business District of New Delhi to DLF Cyber City Developers Ltd, a material subsidiary of the company of on aggregate consideration of ₹825 crores," the company said.
On a standalone basis, DLF's net profit rose 57% to ₹463.66 crore in the third quarter of this fiscal year from ₹294.86 crore in the year-ago period. Total standalone income rose to ₹1,117.40 crore in the latest December quarter from ₹973.89 crore in the year-ago period, according to a regulatory filing.
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