DLF Reports Strong Q2 Performance with 29% Rise in Net Profit to Rs 629 Crore

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    Gurugram-based real estate giant, DLF, released its Q2 earnings report, showcasing a robust performance and remarkable financial growth. The company reported a consolidated net profit of Rs 629 crore for the second quarter of the fiscal year, marking an impressive 29 percent year-on-year increase.

    During Q2, DLF’s sales bookings amounted to Rs 2,228 crore, accompanied by a substantial gross margin of 57 percent. Additionally, the company achieved net cash-positive status during the quarter, reflecting its strong financial position.

    Total income from operations witnessed a marginal rise to Rs 1,476 crore in July-September 2023-24, compared to Rs 1,360 crore in the same period last year, according to a regulatory filing.

    DLF’s Q2 EBITDA stood at Rs 591 crore, while surplus cash generated from operations reached Rs 1,147 crore. The company also fulfilled its commitment to achieving a net debt zero position, strengthening its balance sheet through consistent cash generation.

    The firm’s super luxury offering, The Camellias in DLF 5, Gurugram, experienced robust demand during the quarter, contributing to a record cash flow generation. Consequently, following a dividend payout of Rs 990 crore, DLF attained a net cash position of Rs 142 crore at the close of the second quarter.

    DLF remains optimistic about the housing market, observing sustained demand momentum across all segments. The company plans to launch new products in the second half of the fiscal year, emphasizing calibrated supply across key markets.

    In the office portfolio sector, DLF Cyber City Developers Limited reported consolidated revenue of Rs 1,463 crore in Q2, reflecting a year-on-year growth of 7 percent. The consolidated profit for the quarter stood at Rs 416 crore, marking a 17 percent YoY growth.

    The retail business for DLF continued its growth trajectory, with plans for the construction of a large retail complex in Gurugram set to commence during the current fiscal year.

    DLF, the largest real estate company in terms of market capitalization, has a significant development track record, having completed over 153 real estate projects encompassing more than 330 million square feet. The group holds a development potential of 215 million square feet in the residential and commercial segments and boasts a rent-yielding commercial portfolio of over 40 million square feet.

    Also Read: Embassy Office Parks REIT Reports 4% YoY Growth in Net Operating Revenue, Revises Leasing Guidance for FY2024

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