On January 24, 2024, DLF Limited (BSE, NSE: DLF) announced its Q3 2023-24 results, with the highest quarterly fresh Sales Bookings of ₹9,047 Cr, and the Net Cash Position improved even further promising overall growth for the real estate icon.
Additional Read: Q3 Results Dashboard
DLF: Result Takeaways
In Q3 FY24, the real estate stalwart delivered positive performance metrics across all parameters, with a push towards new deals. Here are the highlights (financial highlights on a consolidated basis) of the quarter:
- Revenue for the quarter was at ₹1,644 Cr.
- The Net Profit for the quarter was reported at ₹649 Cr, marking a 26% YoY growth.
- The Company registered its highest-ever quarterly New Sales bookings at ₹9,047 Cr. This was driven by multiple launches in the quarter.
- The Net Cash position of the Company was further improved in Q3 FY24.
- The Company’s Gross margins were at 56%.
- The EBITDA was registered at ₹633 Cr.
- Net Profit of the Company was at ₹649 Cr, a reflection of YoY growth of 26%
- The Company has a sound surplus cash generation from operations at ₹1,108 Cr.
- During the quarter, 3 new projects totalling more than 5 msf across multiple segments were introduced.
- New launches in Q3 FY24 comprise “DLF Privana South, Gurugram (luxury residential homes), Central 67, Gurugram (a shop plus office plotted development), and The Valley Orchard, Panchkula (low-rise independent floors)”. In the quarter, the Company witnessed robust demand for these products with the two residential segments in Gurugram being almost sold out.
- By the end of Q3 FY24, the Net Cash position of the Company was boosted to reach ₹1,246 Cr, driven by solid collections and a focus on the management of cash.
- “The Q3 FY24 consolidated Revenue of DLF Cyber City Developers Limited (“DCCDL”) was ₹1,476 Cr, reflecting YoY growth of 8% while the consolidated Profit for the quarter was ₹434 crore, a YoY growth of 21%. The credit rating for DCCDL was upgraded to ICRA AA+/Stable in Q3 FY24”.
- The Company’s non-SEZ segment continues to function and operate at a solid occupancy of 97%. New office spaces across Chennai and Gurugram continue to drive healthy interest from large occupiers and have achieved a preleasing of about 91%.
- The Retail side of the business continues to garner optimal growth and the Company continued to strengthen this part of the business portfolio in Q3 FY24.
Financial Results at a Glance
Here is a glimpse of the financial results of Q3 (figures in ₹ Cr as reported by the Company, except where indicated by %):
| Metrics | Q3 FY 2023-24 | Q2 FY 2023-24 | QoQ % | Q3 FY 2022-23 | YoY % |
| Revenue from Operations | 1,521 | 1,348 | 13% | 1,495 | 2% |
| EBITDA | 633 | 591 | 7% | 542 | 17% |
| EBITDA % | 39% | 40% | 35% | ||
| Profit Before Tax | 511 | 464 | 10% | 408 | 25% |
| Profit After Tax (PAT) | 649 | 629 | 3% | 515 | 26% |
Additional Check: DLF Share Price
DLF: Q3 FY24 Result Summary
A 75-year legacy backs DLF’s success as a premier real estate company, the largest publicly listed in the real estate sector in India. The development of real estate, the management of real estate, and real estate investment services. The Company was established in 1946 and is now engaged in the development of residential properties, commercial spaces, and retail properties in 15 Indian states across 24 cities.
Q3 results of DLF have exhibited the Company’s strong and sustained potential for growth, not just in the sales of its key products and new launches, but also in its ability for rental businesses. Key tenants continue to add to strong cash flows and these include corporates like Cognizant, IBM, Citigroup, American Express, and TCS, to name a few. With the Company’s launched inventory standing at ₹44 billion, the Company is all set to expand its services and operations and venture into new geographies in the future.
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Source: DLF Investor Presentation
