DLF has also announced its return to the Mumbai real estate market.
New Delhi:
Realty major DLF’s consolidated net profit increased by 12 percent to Rs 527 crore in the first quarter of this financial year.
The net profit of the company was Rs 469.57 crore in the last year period.
Total income rose marginally to Rs 1,521.71 crore in the April-June period of FY 2023-24 from Rs 1,516.28 crore in the same period a year ago, according to a regulatory filing on Friday.
DLF also announced its return to the Mumbai real estate market.
DLF Home Developers Ltd’s (DHDL) wholly owned subsidiary Pegeen Builders & Developers will allocate 9,800 shares at Rs 10 each to Delhi-based property company Trident Buildtech.
In this regard, DHLL has executed a securities subscription and shareholder agreement, according to a separate legal filing.
The allocation reduces the stake of DLF subsidiary, DHLL, in Pegeen to 51 percent.
Currently, Trident, through its wholly owned subsidiary Sahyog Homes Ltd, is developing a slum rehabilitation project in Andheri (West), Mumbai.
Pegeen has also agreed to enter into a development agreement with SHL to develop the first phase of the project.
DLF is India’s largest real estate company in terms of market capitalization. It has developed more than 150 real estate projects and developed an area of more than 330 million square feet.
It is mainly engaged in the development and sale of residential properties (the development activities) and the development and rental of commercial and retail real estate (the annuity activities).
The group has an annuity portfolio of more than 40 million square meters. The company has 215 square meters of development potential in residential and commercial segments.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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