Shares of DLF Ltd rose as much as 6% on Monday after the company reported a 40% increase in its net income for the quarter ended March 31, 2023.

Shares in the Gurugram-based real estate company hit a 52-week high of ₹461.65 a share on the BSE.

The real estate company’s net income rose 40% year over year to ₹570 crore in the fourth quarter, helped by record sales in its residential property business.

However, revenue from operations declined 6% to ₹1,456 crore in the fourth quarter, compared to ₹1,547 crore in the same period last year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 8% to ₹398 crore in the January-March quarter compared to ₹367.5 crore in the same quarter last year.

The Board of Directors recommended a dividend of ₹4 per share for the year ended March 31, 2023 on shares of ₹2 each.

“Our residential property business delivered a record performance, taking new sales bookings of Rs. 8,458 crore, a growth of 210% year-on-year. Cumulative new sales for the financial year totaled Rs. 15,058 crore, a record annual sales booking,” the real estate firm said in its earnings release.

Its luxury offering – The Arbor at Sector 63, Gurugram – set a new benchmark for residential property sales by setting a record: it sold out completely during the pre-formal launch period and generated new sales bookings in excess of ₹8,000 crore.

“The upswing in the residential real estate sector and the increasing demand for the luxury segment encourage us to continue working on expanding our new offerings. We continue to have a calibrated approach to offering new products in multiple markets while ensuring timely implementation of our launched products,” says DLF.

According to the property company, strong business performance resulted in healthy excess cash generation, strengthening its balance sheet. DLF’s net debt is now down to ₹721 crore.

According to DLF, its office portfolio remained stable. DLF Cyber ​​City Developers Ltd consolidated revenue rose to ₹5,419 crore in FY23, representing 19% year-on-year growth; Consolidated annual profit was Rs.1,429 crore, a 43% year-on-year growth.

The recovery across the office segment remains gradual due to ongoing global macroeconomic headwinds, according to the real estate giant. “While such headwinds continue to impact decision-making in the short-term, we believe India will remain the preferred destination for global corporations and large-scale users,” it said.

“The utilization of our existing portfolio remained stable; however, we are seeing a strong increase in demand for our newer project developments, indicating a significant shift of large occupiers towards high quality workplaces with more security, engaging experiences and an integrated sustainable ecosystem. With this in mind, we continue to invest in our new developments in DLF Downtown, Gurugram and Chennai, while also implementing asset enhancement strategies in our existing portfolio,” says DLF.