India’s DLF Q4 profit surges on sturdy luxury housing demand
13/05/2024 15:35
May 13 (Reuters), BENGALURU - India's top real estate
firm DLF DLF.NS reported a nearly 62% rise in fourth-quarter
profit on Monday, aided by strong demand for its premium
housing projects and sustained growth momentum from projects
launched in previous quarters.
The company's consolidated net profit rose to 9.21 billion
rupees (around $110 million) in the three months ended March 31,
from 5.70 billion rupees a year earlier.
The Indian real estate sector has witnessed growing demand
for home ownership, especially in the luxury segment, which
remains little affected by higher property prices. DLF operates
its residential properties mainly in the premium-luxury range.
Analysts at HDFC Securities said higher pre-sales growth
from the premium real estate segment in NCR (National Capital
Region), MMR (Mumbai Metropolitan Region) and Bengaluru has
helped raise average price realisations for developers.
DLF's revenue from operations during the reported quarter
rose around 47%, to 21.35 billion rupees.
Shares of DLF, the heaviest stock on the Nifty realty index
.NIFTYREAL , rose 15.5% year-to-date, compared with 21% gains
in the index.
($1 = 83.4810 Indian rupees)
(Reporting by Anisha Ajith in Bengaluru; Editing by Pooja
Desai)
((anisha.ajith@thomsonreuters.com;))