DLF's March quarter profit up y-o-y by 61.5%

14 May 2024 , 11:06 AM

The biggest real estate company in India, DLF, announced on May 13 a 61.5% increase in net profit for the quarter that ended on March 31, 2024, at ₹921 Crore. The company reported in a regulatory filing that it had made a net profit of ₹570 Crore in the previous year.

The real estate corporation said that its net profit for the 2023–24 fiscal year was ₹2,733 Crore, a 33% year-over-year increase.

In the January-March quarter, DLF’s revenue increased by approximately 47% YoY to ₹2,135 Crore, up from ₹1,456 Crore recorded by the company in Q4FY23. According to the company, DLF’s consolidated revenue for the whole fiscal year 2023–2024 was ₹6,958 Crore.

In the quarter under review, its EBITDA (profits before interest, taxes, depreciation, and amortization) increased by nearly 90% to ₹754.4 Crore from ₹398.3 Crore the previous year. As compared to Q4FY23, the company’s margin was 35.3%. According to the corporation, its EBITDA for the full fiscal year was ₹2,655 Crore.

The business added that, contingent on shareholder approval, its board has recommended a dividend of ₹5 per equity share to the investors.

According to the corporation, more than 11 million square feet of new products would be introduced during FY25, with a focus on areas like Chandigarh Tri-city, Gurugram, Mumbai, Goa, and Goa. “The estimated sales potential of these launches is approximately ₹36,000 Crore,” the company stated.

Additionally, DLF announced that Ashok Kumar Tyagr, who currently holds the role of Managing Director, has been named as the company’s Chief Financial Officer (CFO). Until a new CFO is selected, he will continue to assume extra responsibilities.

Following the opening of its new luxury housing project in Gurugram, DLF said last week that it had sold all 795 units for ₹5,590 Crore in just three days, thanks to high demand from customers, especially NRIs.

The business said in a regulatory filing that it had successfully launched DLF Privana West, a new luxury residential project, and that it had “a remarkable sellout valued at approximately ₹5,590 Crores, within 3 days.” The new complex has 795 flats distributed across 12.57 acres. Each condo sold for almost ₹7 Crore on average.

Within three days of the debut of its 25-acre property, “DLF Privana South,” the business sold 1,113 luxury apartments in Gurugram for ₹7,200 Crore in January of this year.

DLF Cyber City Developers Limited (DCCDL) reported FY24 consolidated revenue of ₹5,903 Crore, indicating a 9% year-over-year rise, and consolidated profit of ₹1,690 Crore, representing an 18% year-over-year growth. For the fiscal year, cash flow from activities was ₹2,726 Crore.

With the announcement of floor-wise denotification, occupancy levels in DLF’s non-SEZ portfolio stayed strong at 97%, and the company anticipated a gradual recovery in the SEZ segment over the following few quarters.

According to the company, DLF’s retail division grew by 18% year over year during that time.

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