DLF Limited, an Indian real estate developer, reported significant growth in executive salaries and revenue for FY 2023-24. Chairman Rajiv Singh's remuneration surged 38% to INR 27.30 crore, reflecting his role in navigating a competitive market. Recognised as the richest real estate entrepreneur in India, Singh's leadership has bolstered DLF's market valuation to INR 2 lakh crore. Additionally, Managing Directors Ashok Kumar Tyagi and Devinder Singh received INR 13.52 crore each, marking increases of 27% and 26% respectively. With consolidated revenue rising 16% to INR 6,958 crore, DLF plans a 15% sales growth target for FY 2024-25, focusing on luxury housing projects.
DLF Limited, one of India's real estate developers, has reported substantial increases in both executive remuneration and overall revenue for the fiscal year 2023-24. According to the company's latest annual report, Chairman Rajiv Singh received INR 27.30 crore as remuneration, marking a significant 38% increase from INR 19.77 crore in the previous fiscal year. This rise reflects not only the company's robust performance but also Singh's pivotal role in steering DLF through a competitive real estate market.
Rajiv Singh, aged 65, has been recognised as the richest real estate entrepreneur in India, with a staggering net worth of INR 1,24,420 crore, according to the recent GROHE-Hurun list. Under his leadership, DLF has solidified its position at the forefront of the Indian real estate sector, achieving a market valuation of INR 2 lakh crore .In addition to Singh, the company's Managing Director and Chief Financial Officer (CFO), Ashok Kumar Tyagi, received INR 13.52 crore, which is a 27% increase from INR 10.64 crore in the previous year. Similarly, Devinder Singh, who also serves as Managing Director, earned INR 13.52 crore, up from INR 10.74 crore in 2022-23. Both Tyagi and Devinder Singh were appointed to their roles on August 4, 2023, with Tyagi also taking on the CFO position effective May 13, 2024.
DLF's financial results for 2023-24 showcase a strong upward trajectory. The company reported consolidated revenue, including other income, of INR 6,958 crore, reflecting a 16% year-on-year growth. The total comprehensive income of the company also surged by 33%, reaching INR 2,730 crore during the last financial year. This impressive performance is attributed to a significant increase in demand for luxury homes, which has been a driving force behind DLF's sales.In the last two fiscal years, DLF has experienced record sales bookings, with INR 15,058 crore in 2022-23 and INR 14,778 crore in 2023-24. The company's strong sales performance is indicative of the growing appetite for high-end residential properties in India, particularly in urban centers.
Looking ahead, DLF has set ambitious targets for the current fiscal year (2024-25). The company aims for a 15% growth in sales bookings, targeting INR 17,000 crore. This growth strategy is supported by plans to launch several luxury housing projects across key markets, including Gurugram, Goa, and Mumbai. The company's extensive portfolio includes over 158 completed projects and a future development potential of 215 million square feet across both residential and commercial segments. Moreover, DLF boasts an annuity portfolio of over 44 million square feet, generating an annual rental income exceeding INR 4,000 crore. This diversified income stream not only stabilises the company's revenue but also positions it favorably against market fluctuations
DLF's latest annual report underscores the company's robust financial health and strategic direction under the leadership of Rajiv Singh and his executive team. With significant increases in remuneration reflecting the company's success, DLF is poised for continued growth in the dynamic Indian real estate market. As the demand for luxury housing rises, DLF's proactive approach to expanding its portfolio and enhancing shareholder value will likely keep it at the forefront of the industry.
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