Q1: DCCDL's office rental income rises 11% to Rs 9.4 Bn
30 Jul 2024
2 Min Read
CW Team
It was reported that DLF's rental arm, DLF Cyber City Developers Ltd (DCCDL), achieved an 11% annual increase in office rental income, reaching Rs 9.42 billion for the first quarter of the fiscal year due to higher demand for its premium workspace. DCCDL, a joint venture between DLF and the Singapore sovereign wealth fund GIC, has DLF holding a 66.67% stake and GIC owning 33.33% of the venture.
The latest investor presentation indicated that DCCDL's rental income from office buildings rose from Rs 8.51 billion in the same period last year to Rs 9.42 billion this year. Additionally, rental income from retail real estate increased by 9%, reaching Rs 2.10 billion in the first quarter of the fiscal year, up from Rs 192 crore a year earlier.
DLF noted that it has achieved "double-digit rental growth through organic growth and new developments" in the commercial real estate segment. The company also highlighted a "significant increase in retail presence," with plans to double its portfolio in the next 4-5 years. Currently, DCCDL manages a portfolio of 42 million square feet with occupancy levels at 93%.
Regarding financial performance, DCCDL's revenue grew by 10% annually to Rs 1.533 billion during the April-June period of 2024-25, up from Rs 14.11 billion in the previous year. The profit after tax increased by 20%, rising to Rs 4.7 billion from Rs 3.91 billion in the corresponding period of the prior year. DLF expressed a positive outlook on the rental business and mentioned that it is accelerating its capital expenditure commitments to further strengthen its rental portfolio and ensure healthy growth.
Over the past seven decades, DLF has developed more than 178 real estate projects covering over 349 million square feet. The DLF Group has a development potential of 220 million square feet across residential and commercial segments. The company is primarily involved in developing and selling residential properties (the Development Business) and developing and leasing commercial and retail properties (the Annuity Business).
It was reported that DLF's rental arm, DLF Cyber City Developers Ltd (DCCDL), achieved an 11% annual increase in office rental income, reaching Rs 9.42 billion for the first quarter of the fiscal year due to higher demand for its premium workspace. DCCDL, a joint venture between DLF and the Singapore sovereign wealth fund GIC, has DLF holding a 66.67% stake and GIC owning 33.33% of the venture.
The latest investor presentation indicated that DCCDL's rental income from office buildings rose from Rs 8.51 billion in the same period last year to Rs 9.42 billion this year. Additionally, rental income from retail real estate increased by 9%, reaching Rs 2.10 billion in the first quarter of the fiscal year, up from Rs 192 crore a year earlier.
DLF noted that it has achieved double-digit rental growth through organic growth and new developments in the commercial real estate segment. The company also highlighted a significant increase in retail presence, with plans to double its portfolio in the next 4-5 years. Currently, DCCDL manages a portfolio of 42 million square feet with occupancy levels at 93%.
Regarding financial performance, DCCDL's revenue grew by 10% annually to Rs 1.533 billion during the April-June period of 2024-25, up from Rs 14.11 billion in the previous year. The profit after tax increased by 20%, rising to Rs 4.7 billion from Rs 3.91 billion in the corresponding period of the prior year. DLF expressed a positive outlook on the rental business and mentioned that it is accelerating its capital expenditure commitments to further strengthen its rental portfolio and ensure healthy growth.
Over the past seven decades, DLF has developed more than 178 real estate projects covering over 349 million square feet. The DLF Group has a development potential of 220 million square feet across residential and commercial segments. The company is primarily involved in developing and selling residential properties (the Development Business) and developing and leasing commercial and retail properties (the Annuity Business).
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