DLF's Q4 profit stands at Rs 481 cr; appoints Ashok Tyagi, Devinder Singh as new CEOs

The total income fell to Rs 5,944.89 crore last fiscal from Rs 6,888.14 in the 2019-20 financial year.DLF said its board has entrusted additional responsibilities upon whole time directors Ashok Kumar Tyagi and Devinder Singh by re-designatingappointing them as CEOs with immediate effect.

Realty major DLF on Friday reported a consolidated net profit of Rs 480.94 crore for the fourth quarter ended March and elevated Ashok Tyagi and Devinder Singh as the new CEOs of the company. The company had posted a net loss of Rs 1,857.76 crore in the year-ago period. Total income rose to Rs 1,906.59 crore in the fourth quarter of 2020-21 from Rs 1,873.80 crore earlier, according to a regulatory filing.

For the entire 2020-21 financial year, DLF posted a net profit of Rs 1,093.61 crore against a net loss of Rs 583.19 crore in FY20. The total income fell to Rs 5,944.89 crore last fiscal from Rs 6,888.14 in the 2019-20 financial year.

DLF said its board has entrusted additional responsibilities upon whole time directors Ashok Kumar Tyagi and Devinder Singh by re-designating/appointing them as CEOs with immediate effect. They will continue to be the whole-time directors. Tyagi, who joined DLF in 2008, has done PGDM from IIM Ahmedabad and BE (Mech) from IIT Roorkee. He had joined as Executive Director and became group CFO on October 1, 2009.

Devinder Singh, who has done PGDM and BE (CIVIL), joined DLF in 1985 as a Graduate Engineer Trainee. He was appointed as Whole Time Director in December 2017. Later in a statement, DLF said the demand in the residential business exhibited a strong comeback in the fiscal. ''New sales bookings for the fiscal stood at Rs 3,084 crore, reflecting a year-on-year growth of 24 per cent,'' it noted. DLF's net debt fell to Rs 4,885 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,'' the statement said. DLF said that the retail business witnessed a steady recovery, with the luxury segment-leading it. Healthy footfalls and higher spend per footfall were evident in the second half of last fiscal. The company said the rental business is witnessing some short-term impact with new leasing activity remaining tepid due to the second wave of the pandemic. ''We, however, believe it is a temporary blip, and the underlying attractiveness of the Indian market is expected to remain in place,'' it added. The IT sector, including captives, continued to exhibit growth and hiring activity is expected to rise, DLF said. ''Hence, we continue to maintain a positive outlook for the rental business,'' the statement said. DLF has developed 153 real estate projects comprising 330 million square feet. It has 215 million sq ft of development potential across the residential and commercial segment. The group has an annuity portfolio of over 35 million sq ft.

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