CIAL records record profit of 502 crore rupees and plans entry into airport consulting market

Indian real estate developer DLF forecasts that its retail portfolio will continue to show steady growth. This growth is driven by increased store footfall due to the trend towards premiumization, as well as consumption growth at an annual rate of 11–12 percent. New mall projects also serve as an additional factor supporting rental income.

Pushpa Bektar, Group Executive Director and Head of DLF Retail, told Business Standard that consumers' desire for higher quality brands, better products, and experiences is stimulating traffic above pre-pandemic levels and increasing the average spend per visitor.

According to Bektar, despite potential periodic moderation in luxury spending, the fundamental demand for quality retail remains strong. The company recently unveiled Midtown Plaza in Moti Nagar, located in West Delhi, which is positioned as a local shopping center.

This plaza is DLF Malls' first neighborhood center and spans approximately 280,000 square feet, serving a radius of nearly 2.5 million residents in West Delhi. Bektar emphasized that the plaza concept is a differentiated product focused on convenience and improving the quality of life for residents in densely populated areas.

Speaking about development plans, Bektar noted that with three new projects—Midtown Plaza, Summit Plaza, and DLF Promenade in Goa—the company aims for a 20–22 percent revenue increase. Furthermore, another major project, Mall of India in Gurgaon, spanning 2 million square feet, is under development.

In the first quarter of the 2026–27 fiscal year, DLF's rental income increased by 9 percent, while the total portfolio of leased spaces, amounting to 49.6 million square feet, reached a 95 percent occupancy rate. The company expects buyout revenue to be between 73,000 and 75,000 crore rupees in the 27th fiscal year and forecasts an average double-digit growth in net operating profit over the next four to five years in its rental business.

She added that investments are being directed both toward upgrading existing properties and adding new formats, such as Midtown Plaza and Summit Plaza. This allows for the creation of a balanced base for stable rental income, combining established premium assets with new formats geared towards local communities.

Dixon Technologies expects its joint venture with the Chinese smartphone manufacturer Vivo to be completed within two months, with revenue contribution starting in the third quarter, as the partnership expands mobile device manufacturing capacity.

A senior company official stated that the transaction to establish the new joint venture between Dixon and Vivo should be finalized within two months, and financial results will begin to reflect in the balance sheet starting from the October-December quarter.

The proposal for the joint venture between Dixon and Vivo was approved by the government in the second week of July. Both companies signed a term sheet on December 15, 2024, to form this joint venture.

Dixon CEO Atul Lall stated during a recent earnings call: 'Our joint venture with Vivo will be realized, and the deal will be closed within the next two months. And the figures will be accounted for in our financial reporting starting from the third quarter.'

In a regulatory filing submitted last month, it was indicated that the estimated timeframe for completing the preliminary conditions for the deal is one year from the signing of the Joint Venture Agreement (JVA) or another period agreed upon in writing between the company and VMI.

This joint venture is expected to help reduce risk exposure related to Vivo in India, which has faced actions from the Enforcement Directorate, as the company plans to transfer its manufacturing facility to the new entity.

Dixon Technologies reported a 3% decrease in profit after tax to 273 crore rupees in the first quarter of the current fiscal year. This was mainly due to the expiration of the mobile device manufacturing incentive scheme in March 2026, as well as rising selling prices caused by increased raw material costs and broader supply chain inflation.

The joint venture with Vivo is expected to significantly increase Dixon Technologies' consolidated mobile device manufacturing capacity. Currently, Vivo holds a leading position in the Indian smartphone market by sales volume.

The Chinese smartphone manufacturer is estimated to have sold 3.5 crore units in 2025, while Dixon's mobile phone production volume was around 3.2 crore units.

Lall noted that Dixon forecasts mobile phone production will remain in the same range as the previous fiscal year—between 3.2 and 3.3 crore units.

The company is also increasing camera module manufacturing capacity at its subsidiary Q Tech, raising it from 7 crore to 18-19 crore annually over the next 15-18 months. This capacity will primarily be used to meet the needs of its own smartphones, in addition to deepening production levels.

He added that the construction of the company's demonstration center is complete, and equipment for mobile devices, IT equipment products, and automotive displays is being installed.

Lall emphasized that the reaction from various brands is very encouraging: 'Testing will begin in early Q3, and mass production will start in late Q3 and early Q4 of this fiscal year.'

Godrej Properties expects to generate over ₹20,000 crore in operating cash flow over the next seven quarters. These funds will allow the company to continue expanding its business and contribute to achieving a sales target of ₹39,000 crore in the 2027 fiscal year.

According to Executive Chairman Pirojsha Godrej, Godrej Properties Ltd will be able to receive more than ₹20,000 crore in operating cash flow in the current and next financial periods. This will ensure the possibility of further investments in business development.

In an interview with PTI, Pirojsha noted that the company's operational performance was very strong in the June quarter, when sales bookings increased by 22 percent, reaching ₹8,651 crore. He emphasized that stable sales growth creates high transparency for both cash flows and profits. 'In fact, this is the sixth consecutive quarter where we had sales booking volume exceeding ₹7,000 crore.'

Pirojsha expressed confidence that the company will meet or exceed planned targets across all parameters: sales bookings, project launches, customer receipts, and land acquisition. Furthermore, the company aims to achieve a Return on Equity (ROE) of 20 percent in the next fiscal year.

He added that despite some weakening in operating cash flow in the first quarter, it will grow very rapidly between the current quarter and the fourth quarter of the 2028 fiscal year, i.e., over the next seven quarters, expecting more than ₹20,000 crore. This will provide significant opportunities for growth and may allow the company to become positive in free cash flow next year.

As the largest developer by sales booking volume, Godrej Properties is actively investing in land acquisition for residential complex construction amid growing demand following the COVID-19 pandemic, especially among major brands. In the first quarter of the current fiscal year, investment in construction and related activities grew by 54 percent year-on-year, amounting to ₹2,244 crore, as the company seeks to increase production capacity.

In the 2025-26 fiscal year, the company delivered 12.1 million square feet and set a goal to deliver 13.5 million square feet in 2026-27. Pirojsha assured that the company would meet the delivery target despite the weak June quarter, when only 0.9 million square feet were delivered.

From an operational standpoint, Godrej Properties reported a 22 percent increase in sales bookings to ₹8,651 crore for the April-June quarter of 2026-27. For the June quarter, the company sold 3,738 units with a total area of 6.2 million square feet. Pirojsha stated that the company will meet or exceed the sales booking target of ₹39,000 crore in the current fiscal year. Previously, the company had sold properties worth ₹34,171 crore in 2025-26.

'We expect the sales momentum to continue in the remaining part of the year due to strong end-consumer demand in key markets,' said Pirojsha. Earlier this week, Godrej Properties announced a 42 percent decline in consolidated net profit to ₹349.38 crore for the quarter ending in June, due to lower revenues. Net profit was ₹598.40 crore in the same period last year. Total revenue also fell to ₹1,345.04 crore in the first quarter of the current fiscal year compared to ₹1,620.34 crore in the corresponding period last year. The company's revenue recognition was low in the June quarter due to fewer completed projects.

Since the beginning of the 2018 fiscal year, Godrej Properties has delivered 79 million square feet of real estate and possesses 258 million square feet of developable land across India. For group residential projects, the company focuses on five cities: Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bangalore, and Hyderabad. It is also involved in developing residential built-up areas in many Tier 1 and Tier 2 cities.