DLF announced a net profit of Rs 487 crore in the second quarter of FY23, representing a notable increase of 28% over the previous year. The positive result is attributed to persistent demand for housing during this period, with the luxury segment maintaining constant demand. The Board also gave the green light to raise funds through NCOs and/or other debt securities, up to a maximum amount of 1,500 crores.
The company emphasized growing consolidation in the industry as consumers seek quality offerings from large, trusted players. Despite rising interest rates, DLF has not seen a significant impact on housing demand and remains confident in its products as customers’ preferred choice.
As far as sales are concerned, DLF’s residential segment recorded new orders worth Rs 2,052 crore, reflecting a remarkable growth of 36% year-on-year. Total new sales volume in the first half of FY23 reached Rs 4,092 crores, in line with the company’s expectations.
DLF highlighted its strategy of launching high-rise buildings in various regions and price segments by launching three new products. Additionally, Cyber City Developers Limited, the company’s rental arm, has shown signs of recovery with improved occupancy.
Rental income increased significantly, with growth of 20% year-on-year, driven by strong retail revenue performance. Consolidated revenue amounted to Rs 1,369 crore, compared to Rs 1,123 crore in the previous year, representing a year-on-year growth of 22%.
The company saw steady growth in the number of tenants in its portfolio, with a gradual recovery in leasing dynamics. Additionally, the retail business continues to show healthy growth, with robust fulfillment and consumer trends. Sales surpassed pre-pandemic levels, and DLF expects similar trends in the future considering robust demand and the impending holiday season.
