DLF Ltd is targeting a 10 percent growth in its sales bookings to about Rs 8,000 crore this fiscal on more reasonable demand for its accommodation properties.
Leading real estate developer DLF Ltd. has set an enterprising target of expanding its residential bookings with an increase of 10 percent in the current financial year, backed by a substantial need for residences. It also aims to double its retail portfolio in the next 4-5 years, the company disclosed in its annual report.
According to Rajiv Singh, Chairman, DLF, the Gurugram-headquartered realty major is noticing a significant tailwind for the residential demand. “Housing segment continues to witness strong demand well supported by tailwinds from the fundamental demand drivers. Structural recovery in housing demand should continue with sustained demand momentum led by increasing urbanization, improving affordability, positive consumer sentiments, and growing aspirational needs,” he said in the annual report for FY22.
“It would be naive to say that it will have no short-term impact but what we all hope is that the impact will be transitory and it will not have any lasting impact,” he also added.
On Friday, DLF reported a 39 percent expansion in its consolidated net profit at Rs 469.57 crore in the quarter that ended June on better sales. Its net profit stood at Rs 337.10 crore in the year-ago period.
Total revenue rose to Rs 1,516.28 crore in the first quarter of this fiscal from Rs 1242.27 crore in the related period of the previous year, according to a regulatory filing.
According to analysts, DLF’s low cost fully paid land bank – some 186 million square feet enables it to generate healthy margins and a rapid ramp-up even without inorganic growth. This also helps it in establishing products at diverse price points addressing multiple target segments.
The company would resume obtaining unique offerings across multiple segments and geographies. It would also remain determined to surplus cash generation from procedures.
