DLF net profit jumps 34% in FY24, revenue up 13%

Real estate major DLF Ltd. today reported a 34% year-on-year rise in its consolidated profit after tax (PAT) for FY2024. The Delhi-based realtor’s PAT for the year stood at Rs 2,723.5 crore, compared to Rs 2,034 crore in the previous financial year.

Its consolidated operating revenue, meanwhile, grew 13% year-on-year to Rs 6,427 crore - up from Rs 5,695 crore in FY2023. During the year, improvement in its employee costs, finance costs and other expenses helped its bottom-line. While its employee benefits expenses reported a marginal decline to Rs 546 crore - down from Rs 548 crore in the year ago period. In FY2024, Finance costs declined 9% year-on-year to Rs 356.5 crore, lower than Rs 392.1 crore in FY2023. While, other expenses came down by 2.3% to Rs 963.7 crore. As a result, DLF’s gross margin grew to 57% last year.

"Our development business continues to witness strong momentum and consequently recorded healthy sales booking of Rs 14,778 crore during the year. We launched approximately 6 msf (million square-foot) of new products during the year which saw strong absorption resulting in monetisation of almost entire inventory during the launch period,” DLF management said in a statement, adding, “The demand momentum in the residential segment is expected to stay strong and consequently we remain focused on bringing a calibrated supply across multiple micro markets. We plan to launch more than 11 msf of new products during FY25 targeting various markets including Gurugram, Mumbai, Goa and Chandigarh Tri-city. The estimated sales potential of these launches is approximately Rs 36,000 crore which should lead to steady growth in the business.”

According to the company, it remains focused on cash flow generation and consequently generated a record cash flow from operations of Rs 4,385 crore during the year. “This healthy cash flow generation resulted in further improvement in the net cash position for the business, which stood at Rs 1,547 crore at the end of the period.”

During FY2024, consolidated revenue of DLF Cyber City Developers Limited (DCCDL) stood at Rs 5,903 crore, reflecting a year-on-year growth of 9%. While, DCCDL’s consolidated profit for the quarter stood at Rs 1,690 crore, growing 18% year-on-year. Cash flow from operations stood at Rs 2,726 crore for the fiscal. “Occupancy levels across our Non-SEZ portfolio remain healthy at 97% and we expect a steady recovery across the SEZ segment over the next few quarters given the announcement on floor-wise de-notification. Our new office developments across Gurugram and Chennai continue to witness strong interest from large occupiers. We saw completion of approximately 2.3 msf of office development at DLF Downtown, Chennai and expect rentals to commence shortly leading to healthy growth in the portfolio,” it said.

For the quarter ended 31 March, 2024, DLF reported 61.4% jump in its consolidated net profit to Rs 919.82 crore - up from Rs 569.6 crore in the corresponding quarter previous year. While its operating revenue grew 46.6% year-on-year to Rs 2,135 crore - up from Rs 1,3456 crore.