Realty major DLF’s consolidated net profit rose 12 per cent to Rs 527 crore in the first quarter of this fiscal.
The company’s net profit stood at Rs 469.57 crore in the year-ago period.
Total income rose marginally to Rs 1,521.71 crore in the April-June period of 2023-24 financial year from Rs 1,516.28 crore in the year-ago period, according to a regulatory filing on Friday.
DLF also announced its re-entry into the Mumbai real estate market.
DLF Home Developers Ltd’s (DHDL) wholly-owned arm Pegeen Builders & Developers will allot 9,800 equity shares of Rs 10 each at par to Delhi-based realty firm Trident Buildtech.
In this regard, DHDL has executed a securities subscription and shareholders’ agreement, as per a separate regulatory filing.
Pursuant to the allotment, the stake of DHDL, a subsidiary of DLF, in Pegeen will come down to 51 per cent.
Currently, Trident, through its wholly-owned subsidiary Sahyog Homes Ltd, is developing a slum rehabilitation project in Andheri (West), Mumbai.
Pegeen has also agreed to enter into a development agreement with SHL to develop the first phase of the project.
DLF is India’s largest realty firm in terms of market capitalisation. It has developed more than 150 real estate projects and developed an area in excess of 330 million square feet.
It is primarily engaged in the business of development and sale of residential properties (the development business) and the development and leasing of commercial and retail properties (the annuity business).
The group has an annuity portfolio of over 40 million square feet. The company has 215 square feet of development potential across residential and commercial segments.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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