Realty-giant, DLF stock was under pressure on Monday despite the company posted a consolidated net profit of Rs480.94cr for the quarter ending March 2021 (Q4FY21) against a loss of Rs1,857.76cr a year ago same period.
Consolidated revenue from operations increased by 1.1 per cent year-on-year to Rs1,712.57cr in the quarter under review.
DLF said that 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 Y-o-Y growth of 24%.
Further DLF said, “Our new product launches of Independent Floors in DLF City and New Gurgaon witnessed healthy absorption vindicating demand for quality products in established locations. We clocked new products sales booking of Rs908cr during the second half of the fiscal,” adding, “Optimized cost structures and efficient working capital management coupled with a steady ramp-up in collections led to positive cash flows in all quarters. Consequently, our Net Debt stood at Rs 4,885 crore, a reduction of Rs382cr.”
“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,” DLF said.
Source : India info line