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Real estate major DLF Ltd reported a solid financial performance in Q3 of the fiscal year 2022, with a 36.8% increase in its consolidated net profit, reaching Rs 519.2 crore ($71.6 million), up from Rs 379.4 crore ($51.7 million) in the previous year. The company's growth was driven by rising demand for its housing projects, which showed a strong performance. New sales bookings for the residential business reached Rs 2,507 crore ($342.7 million) in the quarter, reflecting a YoY growth of 24%. The company's luxury product, The Grove at DLF5 in Gurugram, has sold out, reaffirming the demand for high-quality offerings in established locations. Sales bookings for the second phase of The Valley Gardens in Panchkula reached Rs 540 crore ($74 million) during the quarter.
Despite the solid performance in the residential business, DLF's total income declined from Rs 1,686.92 crore ($230.1 million) in the previous year to Rs 1,559.66 crore ($211.3 million) in the recent quarter. The company's commercial arm, DLF Cyber City Developers, showed strong momentum across the retail business, with a YoY growth of 15% in rental income and 16% growth in consolidated revenue. The unit's EBITDA stood at Rs 1,061 crore ($145.5 million), with a YoY growth of 16%, and the net profit was at Rs 358 crore ($49.3 million), reflecting a YoY growth of 27%. The company reported that occupiers' attendance across its portfolio continues to rise, with a gradual recovery in the office segment, despite global headwinds leading to a challenging environment.
DLF remains enthusiastic about the intrinsic growth potential of the housing industry, which is supported by a resilient economy, and is focused on creating customer-centric products that provide a distinctive living experience with best-in-class amenities across its established ecosystems. The company is also working towards further deleveraging, and its net debt decreased to Rs 2,091 crore ($285 million) at the end of the quarter. New developments across DLF Downtown, Gurugram, and Chennai are on track, and the company's plans for its upcoming retail destination, Mall of India at Gurugram, are in advanced stages.
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