Realty major DLF on Friday reported a 12 per cent rise in consolidated net profit to Rs 527 crore in the first quarter of this fiscal and announced its re-entry into the Mumbai property market to develop a housing project.
The company's net profit stood at Rs 469.57 crore in the year-ago period.
Total income rose marginally to Rs 1,521.71 crore in the April-June period of 2023-24 financial year from Rs 1,516.28 crore in the year-ago period, according to a regulatory filing.
The company's sales bookings remained flat at Rs 2,040 crore in the June quarter.
DLF also announced its re-entry into the Mumbai real estate market through a partnership with realty firm Trident Group.
In 2012, DLF sold 17 acres of prime land in Mumbai to Lodha Developers (now renamed as Macrotech Developers) for about Rs 2,700 crore. DLF had bought the land from National Textile Corporation for Rs 703 crore in 2005.
DLF had also formed a joint venture with Akruti City to develop few projects.
According to a separate regulatory filing, DLF Home Developers Ltd's (DHDL) wholly-owned arm Pegeen Builders & Developers will allot 9,800 equity shares of Rs 10 each at par to Delhi-based realty firm Trident Buildtech.