DLF Ltd.'s net profit rose to Rs 622 crore in the second quarter of fiscal 2024, beating analysts' estimates.
The real estate major's consolidated net profit increased 30% to Rs 622 crore, as compared with Rs 477 crore in the same quarter last year, according to a regulatory filing on Monday. Analysts polled by Bloomberg had estimated a net profit of Rs 563 crore.
Revenue from operations was at Rs 1,348 crore during the July-September quarter, as against Rs 1,302 crore a year ago. That compares with the Rs 1,586 crore consensus estimate of analysts tracked by Bloomberg.
The Gurugram-based property developer's other income jumped to Rs 128 crore from Rs 58 crore in the corresponding quarter of the previous fiscal.
DLF Q2 Results Key Highlights (YoY)
Net profit up 30% at Rs 622 crore vs Rs 477 crore.
Revenue rose 3.5% to Rs 1,348 crore vs Rs 1,302 crore.
Ebitda up 6% at Rs 462 crore vs Rs 437 crore.
Ebitda margin at 34% vs 33.5%.
Other Highlights
New sales bookings for the quarter stood at Rs 2,228 crore.
After dividend payout of Rs 990 crore, DLF in a statement said that it achieved a net cash position of Rs 142 crore at the end of the second quarter.
"We have delivered on our commitment to achieving a net debt zero position. We will continue to further strengthen our balance sheet through consistent cash generation," it said.
Shares of DLF advanced 3% to Rs 553 apiece ahead of the results announcement, as compared with a 0.5% rise in the benchmark Sensex. The stock has risen around 46% year-to-date.
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