India’s largest realty firm DLF Ltd on July 25 reported a 23 percent year-on-year rise in its net profit to Rs 646 crore for the quarter ending June 30, 2024. The company had earned a net profit of Rs 526.11 crore in the same period a year ago.
The company received new sales bookings worth Rs 6,404 crore, a growth of 214 percent year-on-year and healthy operating cash flow of Rs 1,849 crore, up 133 percent year-on-year, a regulatory filing said.
DLF’s consolidated revenue also rose by nearly 14 percent to Rs 1,729.82 crore in the April-June 2024 quarter, compared to Rs 1,521 crore in Q1FY24.
“Our development business recorded strong sales bookings of Rs 6,404 crore in another quarter, leading to record sales bookings in the first quarter. We launched the second phase of our luxury project in New Gurugram- Privana West, which saw strong demand and As a result, new sales bookings worth Rs 5,600 crore were recorded,” the company said.
DLF said it has a strong launch pipeline of additional 9 MSF new products across various sectors and geographies including Gurugram, Mumbai, Goa and Chandigarh Tri-City during the financial year. The company plans to launch its luxury villa project in Goa in Q2FY25.
The company said, “We are seeing healthy sales momentum and strong growth in collections, further improving our net cash position, which stood at Rs 2,896 crore at the end of the period compared to net debt of Rs 57 crore in Q1FY24 ” Said.
The company’s gross margin came in at 51 percent compared to 52 percent in the previous period.
Rental business
The rental business continued its stable performance during this period.
DLF said, “DLF Cyber City Developers Limited (DCCDL) Q1FY25 consolidated revenue stood at Rs 1,553 crore, registering a growth of 10 percent year-on-year. Consolidated profit for the quarter stood at Rs 470 crore, registering a growth of 20 percent year-on-year.”
The company continues to have a positive observatory on the rental business and is increase its capital expenditure commitments to further strengthen its rental portfolio and deliver healthy growth. The realty major reported a 61.5 percent rise in its net profit to Rs 921 crore for the quarter ended March 31, 2024, from Rs 570 crore in the year-ago period.
DLF’s net profit for the full financial year 2023-24 stood at Rs 2,733 crore, showing a growth of 33 percent year-on-year. Revenue also grew by nearly 47 percent to Rs 2,135 crore in the January-March quarter, compared to Rs 1,456 crore in Q4FY23. DLF’s consolidated revenue for the full financial year 2023-24 stood at Rs 6,958 crore, the firm said.
Its EBITDA, or earnings before interest, taxes, depreciation and amortization, jumped nearly 90 percent to Rs 754.4 crore in the fourth quarter of fiscal 2023-24 from Rs 398.3 crore a year ago.
