Kushal Pal Singh, the promoter of DLF Limited, along with Mallika Housing Company and Beverly Builders, has divested their shares.
He sold 14.50 million shares for Rs. 727 crore. The family office of DLF will decide how to use the fund in the end. The promoter sold the shares at a price approximately 3 percent lower than the current market price (CMP).
The company’s share price declined over 2% to reach the day’s low of Rs 505 on the NSE during Tuesday’s early trade, possibly due to a block deal. DLF shares have experienced a significant surge on the exchanges following their 52-week low of Rs 336 on the NSE on March 14, 2023, rebounding to reach their 52-week high on Monday, July 31.
DLF has announced its plans to launch a total of 11.2 million square feet of projects in 2023–24, with a revenue potential of Rs 19,710 crore. Out of this, 5 million square feet will be in the luxury segment.
The company’s upcoming launches include projects in DLF V and Sector 77 in Gurgaon, as well as in Delhi and Panchkula.
During the first quarter of FY24, the company recorded a net profit of Rs 528 crore, showing year-on-year growth of 12%.A strong performance in the residential business, which generated new sales bookings of Rs 2,040 crore, was the main factor driving this growth.
Moreover, DLF has achieved a significant milestone in reducing its net debt, which now stands at just Rs 57 crore, the lowest in its financial history.
DLF has also acquired a controlling 51% stake in a special purpose vehicle (SPV) responsible for a development project spanning around 3.5 million square feet in Mumbai’s Andheri area for approximately Rs 400 crore.
In Q1 FY24, DLF Cyber City Developers Ltd. achieved a consolidated revenue of Rs 1,412 crore, indicating a year-on-year growth of 12%. Additionally, the company reported a consolidated profit of Rs 391 crore for the quarter, showing significant year-on-year growth of 21%.
