DLF Q3 results 2023: Net profit rises 37% to Rs 519 crore on highest quarterly sales

DLF Limted reported a 37 per cent year-on-year increase in its consolidated net profit at Rs 519.21 crore for the quarter ended December 2022 on Wednesday. Its net profit stood at Rs 379.48 crore in the year-ago period.

Despite the rise in the profit, India's largest realty firm by market capitalization witnessed a fall in the total income in this quarter. The total income fell by more than 7 per cent to Rs 1,559.66 crore in the third quarter as compared to the previous fiscal. The income stood at Rs 1,686.92 crore in the corresponding period of the previous year, according to a regulatory filing. 

In a statement, DLF said that its residential business clocked one of the highest quarterly new sales bookings of Rs 2,507 crore, reflecting a year-on-year growth of 24 per cent. 

"We remain enthusiastic about the housing industry's intrinsic growth potential which continues to be supported by a resilient economy. Our focus remains on creating customer-centric products that provide a distinctive living experience with best-in-class amenities across our established ecosystems," DLF said while commenting on the quarterly results. 

The company said it will continue to work towards further de-leveraging. Its net debt decreased to Rs 2,091 crore at the end of the quarter. Regarding its joint venture firm DLF Cyber City Developers Ltd, which holds bulk of office and retail assets, DLF said the office portfolio continues its gradual path to recovery. 

"Strong momentum across the retail business continues," it added.

DLF said that occupiers' attendance across the portfolio continues to inch upwards with gradual recovery across the office segment.

"While global headwinds continue to persist leading to a challenging environment, we expect demand for quality office assets at established locations should continue to garner interest of large occupiers," it added.

DLF informed that new development across DLF Downtown, Gurugram and Chennai remains on track.

"Planning for our upcoming retail destination, Mall of India at Gurugram is in advanced stages," the company said. 

The retail business continues to exhibit healthy growth and the consumption trends continue to reflect sustained momentum with sales delivering consistent growth leading to a healthy retail business outlook, it said.