DLF's Q1 consolidated net profit up 58%

Mumbai : Real Estate major DLF on Friday reported a 58 per cent rise in its consolidated net profit to Rs 172.44 crore in the quarter ended June 30, 2018.

The real estate major's net profit during the corresponding period of the previous fiscal stood at Rs 109.01 crore.

According to a company statement, DLF "is working towards achieving net debt zero in its development business, in the near future. This would be achieved through equity infusion during the current year".

"It remains focused on monetisation of finished inventory which would result in surplus cash flows which shall primarily be utilised for debt reduction and balance cash surplus will be utilised by the company to re-invest in development of new projects for both sale and lease business," the statement said.

The real estate major added that its consistent efforts have now come to fruition and it has achieved a break even cash flows from operations in Q1FY19.