DLF-GIC JV firm DCCDL Q1 profit rises 26 pc to Rs 593 cr on higher rental income
and
GIC
joint venture firm DCCDL's net profit rose 26 per cent to Rs 593 crore during the June quarter on the back of higher income from rent-yielding commercial properties.
The net profit of DLF Cyber City Developers Ltd (DCCDL) stood at Rs 470 crore in the year-ago period.
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Total income grew 12 per cent to Rs 1,739 crore during April-June period of this
fiscal year
from Rs 1,553 crore in the corresponding period of the preceding year.
The DCCDL is a joint venture between DLF and Singapore's sovereign wealth
fund
GIC. DLF holds nearly 67 per cent stake in the JV firm.
DCCDL has a total operational
portfolio
of 44 million sq ft of commercial spaces (office and retail) across various cities, including Gurugram.
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The net
debt
of joint venture firm stood at Rs 17,287 crore at the end of the quarter.
DLF Group is primarily engaged in the
business
of building and sale of residential properties (development business) and the construction and leasing of commercial and retail properties (annuity business).
The bulk of the commercial assets of DLF Group is parked in the DCCDL.
Apart from the JV, DLF Ltd directly owns a small portfolio of about 2 million sq ft of office and retail spaces.
Addressing shareholders at an AGM on August 4, DLF Chairman Rajiv Singh said India's biggest realty firm DLF has set an "ambitious" target to cross annual rental income of Rs 10,000 crore in the medium term from the company's commercial properties.
At present, the DLF Group, including the DCCDL, has an annuity portfolio (primarily office complexes and shopping malls) of about 46 million sq ft with an annual rental income of over Rs 6,000 crore.
He told shareholders that the company's annuity portfolio, encompassing offices, retail and hospitality, continues to exhibit steady growth.
The chairman said new buildings in 'Downtown Gurugram' and Chennai projects are completed. Additionally, three new retail properties are set to open in the near future, further strengthening its portfolio.
"We remain equally excited and committed to grow our annuity portfolio and have set an ambitious target for ourselves to cross annual rental revenues of Rs 10,000 crore in the medium-term," Singh had said at the AGM.
Since inception, DLF has developed more than 185 real estate projects and developed an area of more than 352 million sq ft.
The group has 280 million sq ft of development potential across the residential and commercial segments, including current projects under execution and the identified pipeline.
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