India's largest realty firm DLF Limited on July 25 reported a 23 percent YoY jump in its net profit at Rs 646 crore for the quarter ended June 30, 2024. The company had posted a net profit of Rs 526.11 crore in the year-ago period.
The company received new sales bookings of Rs 6,404 crore, a YoY growth of 214 percent and has healthy operating cash flow at Rs 1,849 crore, up by 133 percent y-o-y, it said in a regulatory filing.
DLF's consolidated revenue also surged nearly 14 percent YoY to Rs 1,729.82 crore in the April-June 2024 quarter compared to Rs 1,521 crore in Q1FY24, it added.
"Our development business recorded another quarter of strong sales booking of Rs 6,404 crore leading to a record first quarter sales booking. We launched the second phase of our luxury project in New Gurugram- Privana West, which witnessed strong demand momentum and consequently was entirely sold-out clocking Rs 5,600 crore of new sales bookings," the company said.
DLF said that it has a strong launch pipeline of an additional 9 msf of new products during the fiscal, across various segments and geographies including Gurugram, Mumbai, Goa & Chandigarh Tri-city. The company is planning to launch its luxury villa project in Goa in Q2 FY25.
Also Read: DLF to enter Goa market in August, to launch luxury villas costing around Rs 50 crore
"We continue to witness healthy sales momentum and strong growth in collections leading to further improvement in our net cash position, which stood at Rs 2,896 crore at the end of the period as compared to net debt of Rs 57 crore in Q1FY24," the company said.
The company's gross margins came in at 51 percent as compared to 52 percentg in the previous period.
Rental business
Rental business continued its steady performance during the period.
"Q1FY25 consolidated revenue of DLF Cyber City Developers Limited (DCCDL) stood at Rs 1,553 crore, reflecting y-o-y growth of 10 percent. The consolidated profit for the quarter stood at Rs 470 crore, registering a y-o-y growth of 20 percent," DLF said.
The company continues to have a positive outlook on the rental business and is accelerating its capex commitments to further strengthen its rental portfolio and deliver healthy growth.
The realty major had reported a 61.5 percent jump in its net profit at Rs 921 crore for the quarter ended 31 March, 2024, against Rs 570 crore in the year-ago period.
DLF's net profit for the entire financial year 2023-24 was Rs 2,733 crore, reflecting YOY growth of 33 percent.
Revenue had also surged nearly 47 percent YoY to Rs 2,135 crore in the January-March quarter compared to Rs 1,456 crore in Q4FY23. The firm said that in the entire financial year 2023-24 DLF's consolidated revenue stood at Rs 6,958 crore.
Its EBITDA, or earnings before interest, taxes, depreciation, and amortization had jumped nearly 90 percent to Rs 754.4 crore in Q4FY 2023-24 from Rs 398.3 crore a year ago.
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