DLF Limited Q3 FY 2023-24 Financial Report

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    DLF Limited, the largest real estate company by market capitalization, reported a robust performance in the third quarter of the fiscal year 2023-24. The company’s consolidated net profit stood at Rs 649 crore, marking a substantial 26 percent YoY growth. This impressive result was driven by the highest quarterly sales booking of Rs 9,047 crore, supported by the launch of three new products totaling over 5 million square feet.

    Financial Highlights

    • Consolidated revenue increased to Rs 1644 crore in Q3 from Rs 1559.66 crore in the same period last year.
    • EBITDA for Q3 reached Rs 633 crore, showcasing a solid financial performance.
    • Surplus cash generation from operations touched Rs 1108 crore.
    • The company improved its net cash position to Rs 1,246 crore at the end of the quarter.

    Sales and Launches
    DLF’s success in Q3 was attributed to the successful launches of DLF Privana South, Gurugram; Central 67, Gurugram; and The Valley Orchard, Panchkula. These launches, totaling over 5 million square feet, contributed to the highest quarterly sales booking.

    • DLF’s office portfolio, represented by DLF Cyber City Developers Limited (DCCDL), demonstrated sustained growth. Consolidated revenue for DCCDL was Rs 1,476 crore, reflecting an 8 percent YoY growth.
    • The credit rating for DCCDL was upgraded to ICRA AA+/Stable, affirming the strength and quality of the rental portfolio.

    Occupancy and Future Outlook

    • The non-SEZ segment operated at healthy occupancy levels of 97 percent.
    • New office developments in Gurugram and Chennai achieved a pre-leasing of approximately 91 percent.
    • The amendment in SEZ regulations is expected to drive recovery in the SEZ segment, with normalcy in occupancy levels anticipated in the coming quarters.

    Guidance and Future Strategy
    With new sales bookings for the nine-month period reaching Rs 13,316 crore, DLF is set to comfortably exceed its full-year guidance. The company remains focused on increasing its retail portfolio across multiple geographies.

    Conclusion
    DLF Limited’s strong financial performance, strategic launches, and sustained growth in key segments position it favorably for future success. The company’s commitment to expanding its portfolio and adapting to market changes bodes well for continued growth in the real estate sector.

    Source: Regulatory Filing by DLF Limited on January 24, 2024.

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