DLF Limited announces Q1FY24 results: Net profit reflects 12% YoY growth

For Q1FY24, Indian real estate developer, DLF Limited, reported sustained growth momentum across all key parameters. The company’s consolidated revenue reached INR 1,522 crore and gross margins stood at 52%.

It reported an EBITDA of INR 495 crore and a net profit of INR 528 crore, which is a 12% YoY growth. New sales bookings for the quarter stood at INR 2,040 crore, indicating healthy traction from customers in their launched inventory.

The company remains optimistic about housing demand and is preparing to bring new products to the market during the fiscal year. With the strong demand outlook and macroeconomic tailwinds, DLF believes that the company’s business prospects are promising. The company also continues to prioritize strengthening its balance sheet and cash generation. Thanks to strong collections, net debt has been further reduced and now stands at its lowest ever at INR 57 crore.

DLF’s office portfolio remained stable while its retail business experienced upward growth. The Q1FY24 consolidated revenue of DLF Cyber City Developers Limited stood at INR 1,412 crore, showing a YoY growth of 12%. Consolidated profit for the quarter reached INR 391 crore, a 21% YoY growth. The company has successfully pre-leased about 82% of its two new office complexes – DLF Downtown in Gurugram and Chennai. DLF continues to be confident in the growth prospects of its retail business and remains committed to expanding retail offerings in multiple markets.