E-Paper
DLF Q4 net profit rises 62% to ₹920.71 crore on the back of strong housing sales
DLF’s total income increased to ₹2316.70 cr in the fourth quarter of 2023-24 fiscal from ₹1,575.70 cr in the corresponding period of the previous year
Real estate major DLF Ltd on May 13 reported a 62% increase in its consolidated net profit to ₹920.71 crore in the quarter ended March on the back of strong housing sales, according to a regulatory filing.
The company’s net profit stood at ₹570.01 crore in the year-ago period.
Also Read: DLF Q3 profit increases by 27% to ₹656 crore
DLF’s total income increased to ₹2316.70 crore in the fourth quarter of 2023-24 fiscal from ₹1,575.70 crore in the corresponding period of the previous year, according to a regulatory filing.
Also Read: DLF to launch properties worth almost ₹80,000 crore over the next 3-4 years
During 2023-24 fiscal, the company's net profit increased to ₹2,727.09 crore from ₹2,035.83 crore in the preceding year. Total income grew to ₹6,958.34 crore during the last fiscal from ₹6,012.14 crore in the 2022-23 financial year.
Also Read: DLF is raising ₹600 crore through issue of debentures to investors
DLF also announced a dividend of ₹5 each per equity share (250 per cent) of face value of ₹2 each for the 2023-24 fiscal, subject to approval of the shareholders.
"Subsequent to the quarter, Ashok Kumar Tyagi has been appointed as Chief Financial Officer (CFO) of the company in addition to his existing position as Managing Director. His appointment has been approved by the Board of Directors in their meeting held on May 13, 2024," the filing said.
"No separate remuneration is proposed to be paid for his additional role as the CFO of the company. Tyagi will continue to hold the additional responsibility until a new CFO is appointed," it added
The company's development business continues to witness strong momentum and consequently recorded healthy sales booking of ₹14,778 crore during the year. "We launched approximately 6 msf of new products during the year which saw strong absorption resulting in monetization of almost entire inventory during the launch period,” the company said in a statement.
The demand momentum in the residential segment is expected to stay strong and consequently “we remain focused on bringing a calibrated supply across multiple micro markets. We plan 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 ₹36,000 crore which should lead to steady growth in the business,” the company said.
DLF remains focused on cash flow generation and consequently generated a record cash flow from operations of ₹4,385 crore during the year. This healthy cash flow generation resulted in further improvement in the net cash position for the business, which stood at ₹1,547 crore at the end of the period, it said in a statement.
“We continue to follow a prudent capital allocation policy focusing on profitable growth coupled with enhancing shareholder returns. In line with this policy, we acquired a strategic opportunity in Sector-61, Gurugram offering a sizeable potential of approximately 7.5 msf and an estimated sales potential of more than ₹20,000 crore, which we expect to monetize over the next few years,” DLF said.
DLF said that its office business continued to deliver a healthy performance during the period. The retail segment too continues to deliver strong growth. FY24 consolidated revenue of DLF Cyber City Developers Limited (DCCDL) stood at ₹5,903 crore, reflecting y-o-y growth of 9%; consolidated profit for the quarter stood at ₹1,690 crore, a y-o-y growth of 18%. Cash flow from operations stood at ₹2,726 crore for the fiscal, it said.
Occupancy levels across its non-SEZ portfolio remain healthy at 97% and “we expect a steady recovery across the SEZ segment over the next few quarters given the announcement on floor-wise denotification. 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.
DLF has developed more than 158 real estate projects and developed an area in excess of 340 million square feet. DLF Group has 215 msf (approx.) of development potential across residential and commercial segments.
The group has an annuity portfolio of over 44 msf (approx). DLF is primarily engaged in the business of development and sale of residential properties (the Development Business) and the development and leasing of commercial and retail properties (the Annuity Business).
