DLF's Impressive Q3 Performance

Real estate giant DLF has announced a remarkable 61% increase in its net profit for the third quarter, reaching Rs 1,058.7 crore, up from Rs 655.7 crore in the same period last fiscal year. The company's total income also saw a significant rise, climbing 5.8% to Rs 1,737.5 crore from Rs 1,643.5 crore year-on-year.

Market Reaction and Future Outlook

Despite the positive financial results, DLF's stock experienced a 2.8% decline, closing at Rs 695.05. The broader market also saw a slight downturn of 0.4%. However, DLF remains optimistic about its future, citing a strong capex program aimed at accelerating the development of new projects, including the next phases of Downtown in Chennai and Gurugram, which are progressing as planned.

DLF's development business has shown exceptional growth, with record new sales bookings of Rs 12,093 crore during the quarter. The company's latest luxury project, The Dahlias in DLF 5, Gurugram, has been particularly successful, attracting Rs 11,816 crore in new bookings in its opening quarter. For the first nine months of the fiscal year, new sales bookings have reached an impressive Rs 19,187 crore.

The company also reported a healthy operating cash surplus of Rs 1,850 crore for the quarter, contributing to a robust net cash position of Rs 4,534 crore at the end of the period. DLF's rental business continues to grow steadily, reinforcing the company's positive outlook for the future.