The group says the Union Budget was neutral towards real estate sector
The group says the Union Budget was neutral towards real estate sector

DLF Q3 profit spurts by 20 pc at Rs 414 crore

ANI | Updated: Feb 06, 2020 10:42 IST

New Delhi [India], Feb 6 (ANI): India's largest real estate company DLF Group has reported 20 per cent increase in its net profit for the third quarter at Rs 414 crore year-on-year.
Consolidated revenues stood at Rs 1,533 crore in Q3 FY20 while earnings before interest, tax, depreciation and amortisation (EBITDA) totalled Rs 420 crore.
The earnings per share work out to Rs 1.67 per share. The board of directors has declared an interim dividend of Rs 1.20 per share.
Meanwhile, DLF Cyber City Developers Ltd (DCCDL) -- its joint venture with Singapore's sovereign wealth fund GIC -- reported a net profit of Rs 278 crore on a revenue of Rs 1,131 crore. The EBITDA stood at Rs 836 crore.
The group achieved net sales of Rs 731 crore during Q3 FY20 with gross leasing of 1.33 million square feet and net leasing of 0.44 million square feet.
It initiated the development of phase one of downtown in Gurugram and Chennai with initial phase to include about 5 million square feet leasable area out of the total 18 million square feet.
The group also relaunched retail mall DLF Avenue at Saket in New Delhi.
DLF said the Union Budget was neutral towards the real estate sector. "Given the ongoing stress within the sector, the company is hopeful that further initiatives will be announced by the government in due course to stimulate demand and alleviate stress in the sector."
Till then, it said, the company maintains a cautious approach.
DLF is India's leading real estate developer and has more than seven decades of experience. It has developed about 153 real estate projects and developed an area of 331 million square feet.