Realty major DLF is expected to begin construction of its new 25 lakh square foot shopping mall in Gurugram this quarter at a cost of around Rs 1,700 crore. The move is part of the company's business expansion plans amid a surge in demand for quality real estate space from retailers.
DLF Exec: Retail Sector Has Bounced Back Sharply Post-COVID
DLF Vice Chairman and MD (Rental Business) Sriram Khattar said in an interview with PTI that the retail sector has bounced back sharply after the COVID-19 pandemic, with strong growth in footfalls and sales in shopping malls.
DLF plans to double its retail presence in the next 4-5 years, according to an investors' presentation for the first quarter of the 2023-24 fiscal year. The company's consolidated revenue during the April-June quarter stood at Rs 1,412 crore, reflecting a year-on-year (YoY) growth of 12%.
DLF's revenue from its retail business stood at Rs 187 crore in the first quarter of FY24, a 12% increase from the corresponding quarter of FY23. At the group level, DLF reported a 12% rise in consolidated net profit to Rs 527 crore in Q1 FY24, from Rs 469.57 crore in Q1 FY23.
Total income rose marginally to Rs 1,521.71 crore in the April-June period of FY24, from Rs 1,516.28 crore in the April-June period of FY23.