The share price of DLF rose over 5 percent on Tuesday after the real estate firm announced that it has sold nearly 90 independent floors worth over Rs 300 crore in Gurugram. The company added that it plans to launch more such projects as demand for premium residential properties has revived in the last few months.
The stock rose as much as 5.5 percent to the day's high of 195 per share on BSE.
“Recently we launched 88 residences in form of premium independent floors (at a price point of Rs 3.75 – 4.25 crores each), spread across 22 plots, in the DLF City Phase 3…in Gurugram. These were sold out in a record time,” said Aakash Ohri, Sr Executive Director Sales & Director, DLF.
The company plans to launch independent floors in DLF Phase I-IV at Gurugram, New Gurugram and Panchkula among others.
“With an improved attractiveness for real estate as a preferred asset class, against other traditional alternatives, home buyers are looking at safeguarding their accumulated savings by investing in a more long-term asset,” Ohri added.
The country’s largest realty firm is targeting to achieve sales bookings of Rs 2,500 crore in the ongoing fiscal, marginally better than the previous year, despite the COVID-19 pandemic. During the 2019-20 financial year, DLF’s sales booking stood at Rs 2,485 crore.
DLF’s sales bookings in the first half of this fiscal crossed Rs 1,000 crore as sales in the second quarter rose sharply to Rs 853 crore from Rs 152 crore in the previous quarter. The firm is targeting to achieve Rs 750 crore sales each in the December and March quarters.
For the September quarter, the firm posted a 48 percent decline in its consolidated net profit at Rs 232.14 crore as against its profit of Rs 445.83 crore in the year-ago period.
The company's total income fell to Rs 1,723.09 crore in Q2 from Rs 1,940.05 crore in the corresponding period of the previous year. Net debt stood at Rs 5,215 crore at the end of the September quarter, the firm had said during earnings announcement.
However, on a QoQ basis, the company posted a net profit against a net loss of Rs 72 crore in the previous quarter. Revenue also jumped nearly three-fold sequential at Rs 1,723 crore, as compared to Rs 646 crore in Q1FY21.
(With inputs from PTI)