New Delhi [India], June 12 (ANI): Real estate major DLF Group has posted 42 per cent year-on-year growth in its net profit at Rs 481 crore for the January to March quarter.
Consolidated revenue stood at Rs 1,907 crore, reflecting a 2 per cent increase, while earnings before interest, tax, depreciation and amortisation (EBITDA) was up 31 per cent at Rs 648 crore.
In the full year FY21, the company recorded consolidated profit at Rs 1,169 crore, marking 24 per cent growth. However, consolidated revenue dipped by 14 per cent to Rs 5,945 crore and EBITDA stood at Rs 1,949 crore.
The company said demand in residential business exhibited a strong comeback in the fiscal. New sales bookings for FY21 stood at Rs 3,084 crore, reflecting a Y-o-Y growth of 24 per cent.
New product launches of independent floors in DLF City and New Gurgaon witnessed healthy absorption, vindicating demand for quality products in established locations. "We clocked new products sales booking of Rs 908 crore during the second half of the fiscal."
Optimised cost structures and efficient working capital management coupled with a steady ramp-up in collections led to positive cash flows in all quarters. Consequently, DLF's net debt stood at Rs 4,885 crore, a reduction of Rs 382 crore.
"We are enthused with the recovery witnessed in the residential markets and expect this growth cycle to continue in the long run. Given the strong outlook for the residential segment, we continue to embark on this upcycle by scaling our new products offering across segments and geographies."
In another announcement, the board of company directors announced two new chief executives: Ashok Kumar Tyagi and Devinder Singh. Both have been appointed as CEO and whole-time director till November 30, 2022.
On the recommendation of company's nomination and remuneration committee, Savitri Devi Singh and Anushka Singh have been co-opted as additional directors with immediate effect. They are daughters of DLF Chairman Rajiv Singh. (ANI)