DLF Limited, India's largest real estate firm, has reported a 23% year-over-year increase in its net profit for the quarter ended June 30, 2024. The company witnessed a strong sales performance, with new sales bookings of INR 6,404 crore, representing a YoY growth of 214%. DLF's consolidated revenue also surged by nearly 14% YoY, reaching INR 1,729.82 crore. The company's rental business continued its steady performance, with the consolidated revenue of DLF Cyber City Developers Limited (DCCDL) reaching INR 1,553 crore, a 10% year-over-year growth.
India's largest real estate firm, DLF Limited, reported a 23% year-over-year (YoY) increase in its net profit, which stood at INR 646 crore for the quarter ended June 30, 2024. This figure was higher than the net profit of INR 526.11 crore recorded in the corresponding quarter of the previous year.
The company witnessed a strong sales performance, with new sales bookings of INR 6,404 crore, representing a YoY growth of 214%. Additionally, the company reported a healthy operating cash flow of INR 1,849 crore, which was an increase of 133% year-over-year.
DLF's consolidated revenue also surged by nearly 14% YoY, reaching INR 1,729.82 crore in the April-June 2024 quarter, compared to INR 1,521 crore in the first quarter of the previous fiscal year.
The company's development business recorded another quarter of robust sales bookings, with INR 6,404 crore in new sales, marking a record first-quarter sales performance. DLF launched the second phase of its luxury project in New Gurugram, called Privana West, which witnessed strong demand and was entirely sold out, generating INR 5,600 crore in new sales bookings.
DLF stated that it has a strong pipeline of new product launches, with an additional 9 million square feet (msf) of new developments planned during the fiscal year across various segments and geographies, including Gurugram, Mumbai, Goa, and the Chandigarh Tri-city region. The company is also planning to launch its luxury villa project in Goa in the second quarter of the fiscal year 2024-25.
The company's net cash position improved significantly, standing at INR 2,896 crore at the end of the period, compared to a net debt of INR 57 crore in the first quarter of the previous fiscal year. This was due to the healthy sales momentum and strong growth in collections.
DLF's rental business continued its steady performance during the period, with the consolidated revenue of DLF Cyber City Developers Limited (DCCDL) reaching INR 1,553 crore in the first quarter of fiscal year 2024-25, reflecting a 10% year-over-year growth. The consolidated profit for the quarter stood at INR 470 crore, registering a 20% year-over-year increase.
The company remains optimistic about the rental business and is accelerating its capital expenditure commitments to further strengthen its rental portfolio and deliver healthy growth.
In the previous quarter (Q4 FY 2023-24), DLF had reported a 61.5% jump in its net profit, which stood at INR 921 crore, compared to INR 570 crore in the corresponding quarter of the previous year. For the entire financial year 2023-24, the company's net profit was INR 2,733 crore, reflecting a year-over-year growth of 33%.
The company's consolidated revenue also surged nearly 47% year-over-year to INR 2,135 crore in the January-March quarter, compared to INR 1,456 crore in the fourth quarter of the previous fiscal year. For the entire financial year 2023-24, DLF's consolidated revenue stood at INR 6,958 crore.
Additionally, the company's EBITDA (earnings before interest, taxes, depreciation, and amortization) jumped nearly 90% to INR 754.4 crore in the fourth quarter of the fiscal year 2023-24, compared to INR 398.3 crore in the corresponding quarter of the previous year.
DLF's impressive Q1 FY 2024-25 results showcase the company's ability to navigate the real estate market effectively, with strong sales performance, healthy rental growth, and a robust financial position. The company's focus on expanding its development pipeline and strengthening its rental portfolio positions it well for continued growth in the coming quarters. With a strong pipeline of new product launches and a commitment to accelerating capital expenditure, DLF appears poised to maintain its position as a leading player in the Indian real estate market.
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