DLF Limited on January 24 reported a consolidated net profit of Rs 649 crore in the third quarter of this fiscal, up by 26 percent YoY, the company said in a regulatory filing. It added that DLF recorded highest quarterly sales booking of Rs 9,047 crore backed by multiple launches during the quarter.
Company's consolidated revenue rose to Rs 1644 crore in October-December of 2023-24 from Rs 1559.66 crore in the year-ago period, according to a regulatory filing.
DLF had reported a consolidated net profit of Rs 629 crore in the second quarter of this fiscal, up by 29 percent YoY.
DLF’s EBITDA stood at Rs 633 crore in Q3 while the surplus cash generation from operations touched Rs 1108 crore. The company’s EBITDA was at Rs 591 crore in Q2.
"We recorded our highest quarterly sales booking of Rs 9,047 crore backed by multiple launches during the quarter. We launched three new products totalling over 5 million square foot (msf) during the quarter across multiple segments. The launches during the quarter were DLF Privana South, Gurugram- a luxury high rise development, Central 67, Gurugram – a shop-cum-offices plotted development and The Valley Orchard, Panchkula-low-rise independent floors," the realty major said in the filing.
DLF witnessed healthy demand momentum across all these products and both projects in Gurugram were completely sold out within a record time, it said.
"With this strong performance, the new sales bookings for the nine-month period stood at Rs 13,316 crore and hence will be comfortably exceeding our full year guidance. We improved our net cash position to Rs 1,246 crore at the end of the quarter," the company said.
DLF's office portfolio exhibited a sustained performance while retail segment continued to deliver healthy growth.
For the office portfolio in Q3FY24, the consolidated revenue of DLF Cyber City Developers Limited (DCCDL) stood at Rs 1,476 crore, reflecting a growth of 8 percent YoY. The consolidated profit for the quarter stood at Rs 434 crore, a YoY growth of 21 percent, the company said.
The credit rating for DCCDL was upgraded to ICRA AA+/Stable during the quarter, vindicating the inherent strength and quality of our rental portfolio, the firm said.
"Our non-SEZ segment continues to operate at healthy occupancy levels of 97 percent. Our new office developments across Gurugram and Chennai continue to garner strong interest from large occupiers and consequently have achieved a pre-leasing of approximately 91 percent. The government’s decision for the amendment in the SEZ regulations allowing floor-wise denotification should lead recovery in the SEZ segment too. We expect normalcy to return in occupancy levels in this segment over the next few quarters," DLF said.
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The company's said that it will continue to remain focused on increasing retail portfolio across multiple geographies.
DLF is the largest real estate company in terms of market capitalisation. It has so far developed more than 153 real estate projects comprising over 330 million square feet of area. The Group has 215 million square feet of development potential across residential and commercial segments. The group has a rent-yielding commercial portfolio of over 40 million square feet.
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