DLF Limited posted fiscal first quarter profit at Rs 527 crore, up 12.2 per cent in comparison to Rs 469.57 crore during the corresponding quarter of last year. It posted revenue from operations at Rs 1,423.23 crore, down 1.3 per cent from Rs 1,441.63 crore during Q1FY23. The company EBITDA stood at Rs 495 crore during the quarter in review. While the total income was at Rs 1,521.71 crore, DLF posted total expenditure for the first quarter of FY24 at Rs 1,148.27 crore. It posted surplus cash generation of Rs 665 crore for Q1FY24.
DLF’s Q1 performance
DLF said that the new sales booking for the quarter stood at Rs 2,040 crore. “Our launched inventory continues to witness healthy traction from customers,” it added. In terms of sales bookings during Q1FY24, DLF has sold 13 units at its property The Camellias in DLF 5, Gurugram, for Rs 564 crore; has maintained steady sales momentum at One Midtown in New Delhi with sales worth Rs 659 crore; is witnessing sustained demand for independent floors/ commercial SCOs in Gurugram; and sold independent floors at The Valley Garden at Panchkula for Rs 127 crore.
“We remain optimistic about the demand for housing as the cycle continues to remain positive. We are gearing up for bringing new products into the markets during the fiscal. We believe that macro tailwinds along with the strong demand outlook augur well for our business,” the company said in a statement.
DLF’s net debt currently stands reduced to the lowest ever at Rs 57 crore, with “strong collections that led to further reduction in net debt during the quarter”.
In terms of office portfolio, DLF has maintained stability while the retail business continues to follow an upward growth trajectory. “We are experiencing strong demand for our new office developments. We have achieved pre-leasing of approximately 82 per cent across our two new office complexes – DLF Downtown in Gurugram and Chennai. We remain enthused about the growth prospects of our retail business and remain committed towards expanding our retail offerings in multiple markets,” it said.
While the available inventory during the quarter was worth Rs 5,625 crore, other planned products for the financial year 2023-24 stood at Rs 19,700 crore.
DLF’s Mumbai plans
DLF is also planning to expand its commitment to Mumbai. DLF Home Developers Ltd’s (DHDL) wholly-owned arm Pegeen Builders & Developers will allot 9,800 equity shares of Rs 10 each at par to Trident Buildtech. Per this allotment, the stake of DHDL in Pegeen will come down to 51 per cent. Trident is currently developing a slum rehabilitation project in Andheri (West), Mumbai. Pegeen has also agreed to enter into a development agreement with Sahyog Homes Ltd to develop the first phase of the project, the regulatory filing said.
DLF has developed more than 158 real estate projects and developed an area in excess of 340 million sqft. DLF Group has 215 msf (approx.) of development potential across residential and commercial segments. The group has an annuity portfolio of over 42 msf (approx).