DLF posts profit in Q4 on strong residential biz demand, lower expense

The company has also appointed Ashok Tyagi and Devinder Singh as CEOs of the company.

The company had reported loss of Rs 1860 crore during fourth quarter ended March in 2020, due to reversal of deferred tax assets (DTA) as it adopted a lower tax rate. In the last quarter ended December 2020, company had reported net profit of Rs 449 crore.

Consolidated revenue of the company stood at Rs 1,907 crore, a Y-o-Y increase of 2%.

“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%,” the company said in a statement.

DLF Cyber City Developers Limited (DCCDL), rental arms of the company reported a growth of 10% during the fiscal. Consolidated revenue of Rs 4,385 crore was less than last year, primarily due to the impact on retail business.

DLF said that the development of Downtown at Gurugram and Chennai and the data center at Noida remains on track.

“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. Progress on getting DCCDL REIT ready remains on track,” DLF said.

The rental business is witnessing some short-term impact with new leasing activity remaining tepid due to the resurgence 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. The IT sector, including captives, continued to exhibit growth and hiring activity is expected to rise; hence, we continue to maintain a positive outlook for the rental business,” the company said.

In a separate development, the company has appointed Ashok Tyagi and Devinder Singh Whole time directors as CEO’s of the company. Also, Savitri Singh and Anushka Singh, daughters of Rajiv Singh, chairman of the company, has been appointed as non-executive and non-independent director.