DLF records a 10% hike in its rental income at over Rs 3k cr

DLF's rental arm, DLF Cyber City Developers Limited (DCCDL), has achieved a 10% growth in its rental income at Rs 3,350 crore during the last fiscal year (FY). DCCDL has a commercial portfolio of 37.9 million sq ft, from which 34 million sq ft is office space and the rest is retail space. DLF has about a 67% stake in the joint venture (JV) firm, while GIC has the remaining stake. The company's rental income grew to Rs 3,350 crore during the last fiscal year from Rs 3,029 crore in 2020-21. The rental office spaces increased 5% to Rs 2,889 crore in 2021-22 from Rs 2,753 crore in the previous year. Rental retail real estate assets witnessed a growth of 67% to Rs 461 crore in the last FY from Rs 276 crore in 2020-21. The company's businesses at shopping malls were severely hit during the first and second waves of the Covid-19 pandemic. Its real estate portfolio shows a robust rebound post third wave of the Covid-19 pandemic. DLF said that vacancies are gradually declining, and rentals are steady with an upward bias during the second half of the year in office spaces. DCCDL persists in pre-leasing buildings before receipt of occupancy certificates. DCCDL reported a 3% increase in revenue to Rs 4,533 crore during the last FY. Its net profit grew by 10% to Rs 1,002 crore. However, its net debt stood at Rs 19,063 crore as of March 31 2022. DCCDL said that it is currently developing a 7 million sq ft of office spaces in Gurugram and Chennai, of which 1.7 million sq ft are near completion. Earlier, DLF formed a JV firm with GIC after its promoters and sold a 40% stake in DCCDL for about Rs 12,000 crore. The company has developed over 153 real estate projects and has developed an area of over 330 million aq ft. It will further construct a 215 million sq ft area. Image Source Also read: DLF records 15% drop in net profit to Rs 379.49 cr in Q3 FY22