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DLF’s Q1FY11 results were largely in line with expectation. On Y-o-Y basis, revenue for Q1FY11 increased by 23% to Rs 2028.5 crore while operating profit registered a growth of 31.6% to Rs 979.6 crore. Net profit at Rs411 crore was up by 3.8% Y-o-Y.
During Q1FY11, DLF booked residential sales of 1.9 msf and net office leases of 0.93 msf. Residential sales performance during the quarter was subdued as the company launched just one project during the quarter in Chennai where the company sold 0.23m sq.ft. Besides, the company sold 0.67 msf in Phase V, Gurgaon projects, and rest across Manesar, Chennai, Bengaluru, and Panchkula. We expect new project launches to pick up pace as the year progresses, with majority being skewed towards the second half. The office lease transactions witnessed surprise increase in volumes to 0.93 msf.