India's largest realty firm DLF on May 13 reported a 61.5 percent jump in its net profit at Rs 921 crore for the quarter ended 31 March, 2024. The company had posted a net profit of Rs 570 crore in the year-ago period, the firm said in a regulatory filing.
The real estate giant said that the company's net profit for the financial year 2023-24 stood at Rs 2,733 crore, reflecting YOY growth of 33 percent.
DLF's revenue also surged nearly 47 percent YoY to Rs 2,135 crore in the January-March quarter compared to Rs 1,456 crore the firm reported in Q4FY23. The firm said that in the entire financial year 2023-24 DLF's consolidated revenue stood at Rs 6,958 crore.
Also Read: DLF Q3 Results: Net profit up 26% YoY at Rs 649 crore
Its EBITDA, or earnings before interest, taxes, depreciation, and amortization jumped nearly 90 percent to Rs 754.4 crore in the quarter under reveiew from Rs 398.3 crore a year ago. The company's margin came in at 35.3 percent versus 27.4 percent in Q4FY23. The company's EBITDA for the entire financial year stood at Rs 2,655 crore, the firm said.
The company also said that its board has recommended a dividend of Rs 5 each per equity share (250%), subject to approval of the shareholders.
"Our development business continues to witness strong momentum and consequently recorded healthy sales booking of Rs 14,778 crore during the year. We launched approximately 6 msf (million square foot) of new products during the year which saw strong absorption resulting in monetization of almost entire inventory during the launch period," DLF said in a statement.
The company said that there are plans to launch more than 11 msf of new products during FY25 targeting various markets including Gurugram, Mumbai, Goa and Chandigarh Tri-city. "The estimated sales potential of these launches is approximately Rs 36,000 crore," the firm said.
Moreover, DLF also said that Ashok Kumar Tyagr has been appointed as Chief Financial Offrcer (CFO) of the company in addition to his existing position as Managing Director. He will continue to hold additional responsibility until a new CFO is appointed.
Last week, DLF reported that it sold all 795 apartments for Rs 5,590 crore within three days of the launch of its new luxury housing project in Gurugram, driven by strong demand from consumers including NRIs.
In a regulatory filing, the company informed about the successful launch of its latest luxury residential project 'DLF Privana West', ''achieving a remarkable sellout valued at approximately Rs 5,590 crores, within 3 days.'' The new project is spread over 12.57-acre comprising 795 apartments. The average selling price was around Rs 7 crore per apartment.
In January this year, the company had sold 1,113 luxury apartments in Gurugram for Rs 7,200 crore within three days of the launch of its project 'DLF Privana South', which is spread over 25-acre.
Office space and SEZ
According to the firm, FY24 consolidated revenue of DLF Cyber City Developers Limited (DCCDL) stood at Rs 5,903 crore, reflecting YOY growth of 9 percent and consolidated profit for the quarter for DCCDL stood at Rs 1,690 crore, an 18 percent YOY growth. Cash flow from operations stood at Rs 2,726 crore for the fiscal.
Occupancy levels across DLF's non-SEZ portfolio remained healthy at 97 percent and the company expect a steady recovery across the SEZ segment over the next few quarters given the announcement on floor-wise denotification, the company said.
"Our new office developments across Gurugram and Chennai continue to witness strong interest from large occupiers. We saw completion of approximately 2.3 msf of office development at DLF Downtown, Chennai and expect rentals to commence shortly leading to healthy growth in the portfolio," it said.
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The firm said that DLF's retail business exhibited 18 percent YOY growth during the period.
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