NEW DELHI: Real estate developer DLF on Friday announced a 56 per cent increase in its consolidated net profit at Rs 172.77 crore for the first quarter, even as total income declined from Rs 2,211.24 crore during same period of last year to Rs 1,657.67 crore. It had recorded a net profit of Rs 110.70 crore last year.
The firm, however, said in a statement that quarterly numbers are not comparable since it has adopted new accounting standard from April this year. "Net profit would have been lower by Rs 111 crore if revenues had been accounted for on the earlier standard," DLF said.
The increase in the firm's net profit was also due to an earning of Rs 241.50 crore as share of profit in associates and joint ventures. DLF has a joint venture with Singapore's sovereign wealth firm GIC for commercial real estate business in which it owns 66.66 per cent stake, while GIC has the rest.
Meanwhile, the company saw new sales bookings come in at Rs 600 crore during the quarter. "Given the current momentum, the company remains on track to achieve fresh sales booking of Rs 2,000-2,250 crore in the current fiscal," DLF said.
The company also expects its commercial leasing business to grow steadily, with its under-construction portfolio of about 3.7 million sq ft expected to begin generating revenues from next fiscal. "The consistent efforts put by the company have now come to fruition and the company in Q1FY19 achieved break-even cash flows from operations," the statement said.