DLF, the country’s largest listed property developer, on Monday beat the analyst estimates in both profit and revenue for the fourth quarter ended March. The company posted a 62% jump in its net profit to Rs 920.71 crore compared to Rs 570 crore in Q4FY23. Analysts had predicted a net profit of Rs 644 crore in Q4FY24.
Revenues too surged 47% to Rs 2,134.84 crore in Q4FY24 compared to Rs 1,456.06 crore a year ago. Analysts had predicted revenues of Rs 1,845 crore for Q4FY24.
The company’s cost of land rose to Rs 861.66 crore compared to Rs 621.55 crore in Q4FY23. Finance costs rose to Rs 97.70 crore compared to Rs 84.56 crore in Q4FY23.
For the full year, the company posted a jump of 34% in net profit to 2,727 crore compared to2,035.83 crore in FY23. Revenues rose 13% in FY24 to 6,427 crore compared to5,694.83 crore in FY23.
Ashok Kumar Tyagi was named the company’s chief financial officer (CFO) in addition to his existing position as managing director.
“No separate remuneration is proposed to be paid for his additional role as the CFO. Tyagi will continue to hold the additional responsibility until a new CFO is appointed,” DLF said in an exchange filing.
Meanwhile, the company also appointed PwC as internal auditors.
“Our development business continues to witness strong momentum and consequently recorded healthy sales booking of Rs 14,778 crore during the year. We launched approximately 6 million sq ft 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 release.
It said the demand momentum in the residential segment is expected to stay strong and consequently it will remain focused on bringing a calibrated supply across multiple micro markets. It plans to launch more than 11 million sq ft 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 Rs 36,000 crore which should lead to steady growth in the business, the company
“We remain focused on cash flow generation and consequently generated a record cash flow from operations of Rs 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 Rs 1,547 crore at the end of the period,” the company said.