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DLF, a prominent real estate company, has revealed a notable upsurge in its financial performance for Q2 FY24. The firm's net consolidated total income stood at Rs 1,476.42 crore, indicating an 8.52% increase from the previous year's Rs 1,360.50 crore. Reflecting a substantial growth of 30.32%, the net consolidated profit surged to Rs 621.89 crore compared to Rs 477.20 crore in the corresponding quarter of the prior fiscal year, as reported in a filing with the Bombay Stock Exchange (BSE).
During the quarter, it declared a dividend of Rs 4 per share, totaling Rs 990.12 crore. The company witnessed corporate changes with its subsidiary, Pegeen Builders & Developers (Pegeen), ceding a 49% stake to Trident Buildtech (Trident), now establishing a joint venture. The National Company Law Tribunal (NCLT) in Chandigarh approved an amalgamation scheme involving various entities with DLF Homes Panchkula, marking a significant business development in the regulatory filing.
New sales bookings for the quarter tallied Rs 2,228 crore, while the consolidated revenue for 02FY24 of DLF Cyber City Developers displayed a 7% year-on-year increase, reaching Rs 1,463 crore. The consolidated profit for the quarter notably climbed by 17% to Rs 416 crore, marking substantial growth for the company.
DLF disclosed a 30.6% increase in its second-quarter profit, attributing this growth to enhanced home sales and new property launches. Notably, the company’s consolidated net profit soared to Rs 6.23 billion from Rs 4.77 billion in the same quarter last year. The firm's share of profit in various associates and joint ventures, including DLF Cyber City Developers, DLF Midtown, and DLF SBPL Developers, augmented by 24.5% and accounted for 43% of the total profit.
In a recent quarter, DLF, a key player in the real estate domain, demonstrated robust financial growth. Their net consolidated total income surged to Rs 1,476.42 crore, a substantial 8.52% increase from the parallel period's Rs 1,360.50 crore. The company achieved a remarkable 30.32% surge in net consolidated profit, reaching Rs 621.89 crore compared to the previous Rs 477.20 crore, marking a significant leap in their financial performance, as reported in the BSE filing.
Amid these financial milestones, DLF announced a dividend payout of Rs 4 per share, amounting to Rs 990.12 crore. The company witnessed shifts in ownership structure, with Pegeen Builders & Developers (Pegeen) now operating as a joint venture with Trident Buildtech (Trident) following a 49% stake transfer. Furthermore, the NCLT's approval of the amalgamation scheme involving various entities with DLF Homes Panchkula underscored significant corporate developments.
The quarter's new sales bookings reached Rs 2,228 crore, and DLF Cyber City Developers displayed a 7% year-on-year revenue growth, totaling Rs 1,463 crore. Notably, the company's consolidated profit for the quarter exhibited a robust 17% increase, climbing to Rs 416 crore, emphasizing the company's overall financial strength and growth trajectory.
DLF's success in the real estate market is attributed to enhanced home sales and new property launches, with significant contributions from its various associates and joint ventures. Overall, these financial milestones demonstrate DLF's resilience and progress in the real estate industry.
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