DLF Registered A 1.1% Rise in Net Sales
On a consolidated basis, the realty major posted a net profit of Rs 480.94 crore in Q4 FY21 as against net loss of Rs 1,857.76 crore in Q4 FY20. The realty major registered a 1.1% rise in net sales to Rs 1,712.57 crore in Q4 FY21 from Rs 1,694.20 crore in Q4 FY20. Pre-tax profit stood at Rs 418.15 crore in Q4 FY21 as against a pre-tax loss of Rs 129.72 crore in Q4 FY20. EBITDA stood at Rs 648 crore, reflecting Y-o-Y growth of 31% in Q4 FY21. DLF said 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 realty company's new product launches of Independent floors in DLF City and New Gurgaon witnessed healthy absorption vindicating demand for quality products in established locations. DLF clocked new products sales booking of Rs 908 crore during the second half of the fiscal. 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, the company's net debt stood at Rs 4,885 crore, a reduction of Rs 382 crore. The company posted a consolidated net profit of Rs 1,093.61 crore for the year ended March 2021 (FY21) as against a net loss of Rs 583.91 crore in the year ended March 2020 (FY20). Net sales fell 11% to Rs 5,414.06 crore in FY21 over FY20. "We strongly believe and remain confident that our strong balance sheet, quality assets and new product pipeline will enable us to withstand any short-term dislocations caused by the pandemic. We are ready and poised comfortably to ride the growth wave once normalcy returns to the market," the company said. Shares of DLF were down 5.5% at Rs 292.90 on BSE. DLF is primarily engaged in the business of development and sale of residential properties (the "development business") and the development and leasing of commercial and retail properties (the "annuity business"). It has developed 153 real estate projects and developed an area of approximately 330 million square feet. DLF Group has 215 msf (approx.) of development potential across residential and commercial segment. The group has an annuity portfolio of over 35 msf (approx.).
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