DLF Q3 profit surges 27% to Rs 518 crore

DLF Q3 results: Realty giant DLF Ltd has reported a robust 27 per cent increase in consolidated net profit to Rs 655.71 crore for the December quarter of the 2023-24 fiscal year. This surge is attributed to higher income and reduced expenses, with the net profit standing at Rs 517.94 crore in the corresponding period of the previous year. According to regulatory filings, the total consolidated income for the October-December quarter rose to Rs 1,643.51 crore compared to Rs 1,559.66 crore in the same period the previous year.

DLF's prudent financial management is evident as total expenses decreased to Rs 1,131.97 crore in the third quarter of this fiscal, down from Rs 1,151.62 crore in the year-ago period. The company's strategic focus on consolidating its rental business is further underscored by the board's approval for the sale of 'DLF Centre,' a commercial building in the Central Business District of New Delhi, to DLF Cyber City Developers Ltd (DCCDL), a group firm, for Rs 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, on an aggregate consideration of Rs 825 crores," stated the company.

On a standalone basis, DLF's net profit exhibited an impressive 57 per cent rise, reaching Rs 463.66 crore in the third quarter of the current fiscal year, up from Rs 294.86 crore in the year-ago period. The company's standalone income also witnessed a positive trajectory, increasing to Rs 1,117.40 crore in the latest December quarter compared to Rs 973.89 crore in the corresponding period of the previous year.

(With PTI inputs)