January 25, 2023
New Delhi, India
In a standout performance for the third quarter of the fiscal year 2024, DLF, India’s prominent real estate developer, reported a remarkable 26.64% year-over-year increase in consolidated net profit. The financial results, released post-market hours on Wednesday, showcased the company’s solid standing in the market.
Positive Financial Indicators:
DLF‘s consolidated revenue from operations for Q3 FY24 reached ₹1,521 crore, marking a 1.73% YoY increase. Sequentially, the revenue demonstrated an impressive 13% improvement. The company attributed this growth to effective operational strategies and sustained positive momentum.
Record Sales Bookings and Product Launches:
A key highlight of the quarter was DLF’s achievement of its highest quarterly sales booking, amounting to ₹9,047 crore. This feat was fueled by the successful introduction of three new products, including the luxury high-rise development DLF Privana South, the mixed-use development Central 67, and the low-rise independent units of The Valley Orchard in Panchkula. The strong demand led to the quick sell-out of projects in Gurugram within a record time frame.
Extended Positive Trend:
The nine-month sales bookings stood at an impressive ₹13,316 crore, indicating a sustained positive trend in the company’s performance over an extended period.
Financial Strength and Management:
DLF significantly improved its net cash position to ₹1,246 crore at the end of the quarter. The company attributed this financial strength to robust collections and a focused approach to cash management.
The company’s office portfolio demonstrated sustained performance, while the retail segment continued to deliver healthy growth. DLF Cyber City Developers Limited (DCCDL) reported a consolidated revenue of ₹1,476 crore, reflecting an 8% YoY growth, and a consolidated profit of ₹434 crore, a 21% YoY growth. Notably, DCCDL’s credit rating was upgraded to ICRA AA+/Stable during the quarter.
Following the release of the positive Q3 results, DLF’s stock opened the trading session higher at ₹776 apiece, marking a 3.8% increase compared to the previous closing price of ₹747.80 apiece.
Strategic Focus and Future Plans:
DLF expressed its commitment to increasing its retail portfolio across multiple geographies, reinforcing its strategic focus on diversification and growth.
DLF’s robust Q3 performance underscores its resilience and strategic agility in navigating the real estate landscape. The company’s record sales bookings, financial strength, and positive market response position it favorably for continued success in the evolving market.
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