Real estate major DLF said on October 31 that it is targeting sale bookings of about Rs 13,000 crore during this fiscal on the back of strong demand and is confident of achieving it and will launch several new projects by March.
"We have given a sales bookings guidance of Rs 12,000-13,000 crore for this fiscal year,” said DLF MD Ashok Tyagi at an investors’ call.
With a rise in prices of luxury properties, especially in Gurugram, Tyagi said there is an upside risk of exceeding the sale bookings target.
On debt, Tyagi said the company has hit the "zero debt" mark.
According to the investors' presentation, the company has a net cash positive of Rs 142 crore. The gross debt of the company stood at Rs 3,012 crore at the start of the second quarter and the company took a fresh debt of Rs 12 crore during July-September. With cash in hand of Rs 3,165 crore, the company has a net cash positive of Rs 142 crore.
During the September quarter, DLF said, it sold 14 units at its super-luxury housing project The Camellias for Rs 720 crore. The company sold commercial units worth Rs 160 crore.
“There is a demand for better products, especially in the luxury segment. People are demanding better, bigger and spacious homes today. There are not only habitual real estate investors today but also many first-time buyers,” said Aakash Ohri, the company’s group executive director and chief business officer during the investors’ call.
He informed analysts that prices of apartments in the luxury project have increased in the last few years and are commanding about Rs 75,000 per square foot for lower floors. The rates for upper floors are higher by around 20 per cent. In the secondary market, there are reports of a deal concluding at nearly Rs 1 lakh per square foot recently.
DLF had said on October 30 that its new products and existing inventory continue to evince strong customer interest. “Our super luxury offering - The Camellias in DLF 5, Gurugram, saw healthy demand during the second quarter and continues to set new benchmarks vindicating strong demand for high-quality residential products backed by a strong brand".
DLF on October 30 reported a consolidated net profit of Rs 629 crore in the second quarter of this fiscal, up by 29 percent YoY. Total income from operations rose marginally to Rs 1,476 crore crore in July-September of 2023-24 from Rs 1,360 crore in the year-ago period, according to a regulatory filing.
The company's sales bookings touched Rs 2,228 crore in Q2 with gross margins at 57 percent. It also said that it achieved net cash-positive status during the quarter.
EBITDA stood at Rs 591 crore in Q2 while the surplus cash generation from operations touched Rs 1,147 crore.
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