DLF, a prominent real estate company, reported a 12.13 percent rise in net consolidated profit in Q1 FY24, reaching Rs 526.11 crore. Total income rose marginally by 0.36 percent to Rs 1,521.71 crore. The NCLT approved DLF's amalgamation scheme, and the company divested a 49 percent stake in Pegeen Builders & Developers for a project in Mumbai. Q1 FY24 sales bookings amounted to Rs 2,040 crore with a 52 percent gross margin. Net debt was reduced to a historic low of Rs 57 crore. DLF Cyber City Developers achieved a 12 percent YoY growth in consolidated revenue (Rs 1,412 crore) and a 21 percent growth in consolidated profit (Rs 391 crore).
DLF, the eminent real estate conglomerate, proudly revealed a commendable 12.13 percent upswing in its net consolidated profit during the first quarter of FY24, attaining a remarkable profit after tax amounting to Rs 526.11 crore, surpassing the previous fiscal's Rs 469.21 crore, as detailed in their BSE filing. Witnessing a marginal 0.36 percent growth, the company's net consolidated total income stood at Rs 1,521.71 crore in Q1 FY24, surpassing the preceding year's Rs 1,516.28 crore for the same quarter.
Throughout the quarter, notable developments unfurled, including the National Company Law Tribunal's (NCLT) approval of the scheme of amalgamation involving DLF Golf Resorts and DLF Homes Services with DLF Recreational Foundation. Additionally, DLF's wholly-owned subsidiary decided to divest a 49 percent stake in Pegeen Builders & Developers, forging new endeavours in Mumbai. A noteworthy feat during the quarter was the impressive sales bookings, soaring to Rs 2,040 crore, showcasing robust growth potential, coupled with a resilient gross margin standing at an impressive 52 percent.
DLF remains steadfast in fortifying its balance sheet and augmenting cash generation, as evidenced by a commendable reduction in net debt, reaching a historical low of Rs 57 crore, epitomizing financial prudence and fiscal prowess. Embodying steadfastness in the face of dynamic market dynamics, DLF's office portfolio remains firmly anchored, while its retail business exhibits an upward trajectory, illustrating an unwavering commitment to excellence and adaptability in the ever-evolving real estate landscape.
DLF Cyber City Developers, the epitome of progress and growth, boasted a substantial 12 percent year-on-year surge in consolidated revenue during quarter one of FY24, amounting to an impressive Rs 1,412 crore. Furthermore, their consolidated profit proudly displayed an astounding 21 percent year-on-year escalation, reaching Rs 391 crore, an eloquent testament to their relentless pursuit of distinction. In a realm defined by innovation and visionary leadership, DLF's strategic prowess and indomitable spirit propel them towards greater heights, positioning them as an enduring beacon of success in the illustrious domain of real estate.
DLF Limited, a renowned commercial real estate development company, was established by Chaudhary Raghvendra Singh in 1946, with its headquarters in New Delhi, India. The company excels in developing residential, commercial, and retail properties. DLF's distinctive business model includes revenue streams from development and rentals. Notably, it owns and operates The Lodhi and the Hilton Garden Inn in New Delhi, as well as prestigious golf and country clubs. Additionally, DLF is involved in leasing, maintenance services, power generation, and recreational activities.
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