The net profit of DLF Cyber City Developers LTD (DCCDL) was on RS 470 Crore in the period of a year ago.
The total income grew by 12 percent to RS 1,739 Crore during April-June period of this tax year of RS 1,553 Crore in the corresponding period of the previous year.
The DCCDL is a joint venture between DLF and Singapore’s sovereign power fund gic. DLF has almost 67 percent interest in the JV company.
DCCDL has a total operational portfolio of 44 million m² of commercial spaces (office and retail) in various cities, including Gurugram.
The net debt of Joint Venture company was at the end of the quarter on RS 17,287 Crore. DLF Group is mainly concerned with building and selling residential properties (development activities) and the construction and leasing of commercial and retail property (annuity activities). The majority of DLF Group’s commercial assets are parked in the DCCDL.
Apart from the JV, DLF LTD directly has a small portfolio of approximately 2 million m² of office and retail spaces.
DLF -Chairman Rajiv Singh told the shareholders on an AGM on 4 August and told that India’s largest realty company DLF has set an “ambitious” goal to exceed the annual rental income of the medium term of the commercial property of the company.
At present, the DLF group, including the DCCDL, has an annuity portfolio (mainly office complexes and shopping centers) of approximately 46 million m² with an annual rental income of more than RS 6,000 crore.
He said shareholders that the company’s annuity portfolio, which includes offices, retail and hospitality, continues to show a steady growth.
The chairman said that new buildings in ‘downtown Gurugram’ and Chennai projects have been completed. Moreover, three new stores will be opened in the near future, which further strengthens the portfolio.
“We remain enthusiastic and dedicated to grow our annuity portfolio and have set an ambitious target for ourselves to exceed annual rental income of RS 10,000 crore in the medium term,” Singh said in the AGM.
Since the beginning, DLF has developed more than 185 real estate projects and developed an area of more than 352 million m².
The group has 280 million m² of development potential in the residential and commercial segments, including current projects that are being carried out and the identified pipeline.
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