DLF posts 56% rise in Q1 net profit
DLF said in a statement that quarterly numbers are not comparable as it has adopted new accounting standard from April this year.
The company has a joint venture with Singapore's sovereign wealth firm GIC for commercial real estate business. In the JV firm, DLF Cyber City Developers Ltd (DCCDL), DLF owns 66.66 per cent stake, while GIC has the rest.
The new sales booking during the quarter stood at Rs 600 crore.
The company said that its commercial leasing business continues to grow steadily and is experiencing healthy momentum.
It expected the under-construction portfolio of about 3.7 milliion sq ft to begin generating revenues from next fiscal.
DCCDL is also expected to double the size of its portfolio from existing 27 million sq ft over the next decade.
DLF said it is working towards achieving net debt zero in its development business in the near future.
This would be achieved through equity infusion during the current year.
DLF would continue to focus on monetisation of finished inventory to reduce its debt and development of housing and commercial assets.
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