DLF Q2 earnings: Net profit increased by 29% to Rs 629 crore

31 Oct 2023 , 12:16 PM

On October 30, DLF announced a consolidated net profit for the second quarter of this fiscal year of Rs 629 crore, a 29% YoY increase. According to a regulatory filing, total income from operations increased slightly to Rs 1,476 crore crore in July–September of 2023–24 from Rs 1,360 crore in the same period the previous year.

In the second quarter, the company’s sales bookings exceeded Rs 2,228 crore, with gross margins standing at 57%. It added that throughout the quarter, it became net cash positive.

In the second quarter, EBITDA was Rs 591 crore, while operating cash flow surplus was Rs 1,147 crore.

‘We have fulfilled our promise to reach a position of net debt zero. Through steady cash generation, we will keep fortifying our financial sheet,’ the regulatory statement stated.

The Camellias at DLF 5, Gurugram, the company’s ultra-luxury offering, had robust demand during the quarter and is still setting new records, demonstrating the robust demand for premium residential products.

The second quarter saw record cash flow creation due to the ongoing strength of the collections. As a result, at the conclusion of the second quarter, DLF had a net cash position of Rs 142 crore following the dividend payout of Rs 990 crore.

‘We maintain a bullish outlook on the housing cycle as we continue to witness persistent demand strength across all categories. Our plans to launch new products in the second part of the fiscal year are still on schedule, and we’re still committed to leveraging this growth cycle and providing calibrated supply to all of our major markets,’ the statement continued.

DLF Cyber City Developers Limited’s consolidated revenue for the office portfolio in Q2 was Rs 1,463 crore, indicating a YoY growth of 7%; the consolidated profit for the quarter was Rs 416 crore, indicating a YoY growth of 17%.

‘While SEZ occupancy stood at 85 percent, our occupancy across the non-SEZ segment has inched back to 97 percent, demonstrating the high quality and inherent demand for such products.’ The company released a statement saying, ‘Our new office developments continue to attract occupiers’ interest and as a result we have achieved a pre-leasing of 89 percent across our two new office complexes, DLF Downtown in Gurugram and Chennai.’

The company stated that it anticipates the major retail complex in Gurugram to begin building during the current fiscal year, even though the retail business has continued to develop.

In terms of market capitalization, DLF is the biggest real estate corporation. Over 153 real estate projects totaling over 330 million square feet of space have been built by it thus far. The Group’s potential for development in the residential and commercial sectors totals 215 million square feet. The company owns more than 40 million square feet of rent-producing commercial real estate.

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