DLF Ltd posts March quarter net profit of `581 crore, revenue of Rs 1,576 crore

New Delhi: DLF Limited announced its financial results for quarter ending March 31, 2023 and fiscal 2022-23 on Friday. In Q4FY23 the company’s consolidated revenue stood at Rs 1,576 crore, its gross margins stood at 57 per cent. Company’s EBITDA stood at Rs 518 crore. The company’s reported its net profit at Rs 581 crore, reflecting a Y-o-Y growth of 40 per cent.

For FY23 DLF reported consolidated revenue of Rs 6,012 crore and its gross margins stood at 57 per cent. The Company reported EBITDA of Rs 2,043 crore and net profit at Rs 2,053 crore, reflecting a Y-o-Y growth of 36 per cent. The Board of Directors have recommended a dividend of Rs 4 per share, subject to approval of the shareholders

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

DLF Limited’s luxury offering – The Arbour at Sector 63, Gurugram, created a new benchmark in residential sales by setting a record of being entirely sold out during the pre-formal launch phase garnering new sales bookings of Rs 8,000 crore. The success of this product stands as a testament of the immense faith that our customers have reposed towards our brand and a strong endorsement towards an aspirational lifestyle.

Our offerings across multiple geographies continue to be the preferred choice of customers enabling healthy growth in our business. The residential upcycle along with rising demand for luxury segment enthuses us to remain committed towards scaling up our new offerings. We continue to follow a calibrated approach to bring new products across multiple markets while simultaneously ensuring timely execution of our launched products.

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. Further to this strong performance, our credit rating was upgraded to CRISIL AA/Stable outlook and ICRA AA/Stable outlook.

The office portfolio remained steady and continues its path to normalcy. The retail business exhibited strong demand momentum. FY23 consolidated revenue of DLF Cyber City Developers Limited grew to Rs 5,419 crore, reflecting y-o-y growth of 19 per cent; consolidated profit for the year stood at Rs 1,429 crore, a y-o-y growth of 43 per cent.

The recovery across office segment remains gradual on account of continued global macro headwinds. While such headwinds continue to impact decision making in the short term, we believe that India would continue to be the preferred destination for global captives and large occupiers.

The occupancy of our existing portfolio remained steady; however, we are witnessing healthy demand traction for our newer developments indicating a clear shift by large occupiers towards quality workplaces offering enhanced safety, engaging experience, and an integrated sustainable ecosystem. With this backdrop, we continue to invest in our new developments across DLF Downtown, Gurugram and Chennai and are implementing asset enhancement strategies across our existing portfolio as well.

Our retail business continues to operate at high occupancy levels and deliver healthy growth. 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.

We continue to maintain a positive outlook towards both our businesses and remain committed to deliver consistent and profitable growth by bringing quality new offerings across multiple markets. We believe that our business, backed by a strong balance sheet and healthy cash flows, remains well poised to deliver across all

parameters.