DLF Q4 net profit jumps 41% YoY to Rs 570 crore; revenue down by 5.9%

Realty major DLF on Friday reported a 40 per cent increase in its consolidated net profit to Rs 570 crore during the March-ended quarter of the last financial year (Q4 FY23). It was Rs 405 crore in the year-ago period.

DLF said its net profit for the whole financial year FY23 stood at Rs 2,035.83 cr as against Rs 1,500.86 cr in FY22.

Company’s revenue from operations was down by  5.9 per cent and stood at Rs 1,456.06 crore  in Q4 FY23. However, in the year ago period, it was Rs 1,547.26 crore. Whereas for the full last financial year (FY23), its revenue stood at Rs 5,694.83 cr as against Rs 5,717.39 cr in FY22.

DLF’s operating profit, calculated as EBITDA (earnings before interest, tax, depreciation and amortisation) rose 8 per cent to Rs 397 crore for the fourth quarter. Meanwhile margins stood at 27.4 per cent in the reporting period.

The Board has also recommended a dividend of Rs 4 each per equity share which is 200 per cent on the face value of Rs 2 each for FY23. 

Company’s residential business delivered a record performance by clocking new sales bookings of Rs 8,458 crore, reflecting a year-on-year growth of 210 per cent. Cumulative new sales for FY23 stood at Rs 15,058 crore annual sales bookings.

“The strong business performance led to a healthy surplus cash generation enabling significant strengthening of our balance sheet. Consequently, our net debt now stands reduced to Rs 721 crore, one of the lowest levels,” DLF said in a regulatory filing.

DLF said that its office portfolio remained steady and continued its path to normalcy. The recovery across its office segment remains gradual on account of continued global macro headwinds.

The retail business also exhibited strong demand momentum and continues to operate at high occupancy levels. 

“Footfall levels are now reaching the pre-pandemic level, with consumption trends showing buoyancy. We expect sustained momentum for quality retail destinations and hence continue our expansion plans in this segment across multiple markets. We continue to work extensively towards our upcoming retail destination, Mall of India at Gurugram for which planning is in advanced stages,” DLF said.

The company will continue to invest in its new developments across DLF Downtown, Gurugram and Chennai and is implementing asset enhancement strategies across the existing portfolio. 

Consolidated revenue of DLF Cyber City Developers Limited in FY23 grew to Rs 5,419 crore, reflecting Y-o-Y growth of 19 per cent. Consolidated profit for FY23 stood at Rs 1,429 crore, a Y-o-Y growth of 43 per cent.