DLF Q4 Results: Profit Rises 40%, Revenue Slips

DLF Ltd.'s net profit increased in the fourth quarter of fiscal 2023, even as its revenue fell.

The real estate developer reported a 40.5% rise in consolidated net profit to Rs 570 crore for the quarter ended March 2023, as compared with Rs 405 crore over the same quarter last year, it said in an exchange filing on Friday. Analysts polled by Bloomberg had estimated a net profit of Rs 565.4 crore for the three-month period.

However, its revenue from operations declined nearly 6% to Rs 1,456 crore during the quarter under review, as against Rs 1,547 crore in the same quarter last year. The compares with Rs 1,584 crore consensus estimate of analysts tracked by Bloomberg.

Other income rose to Rs 119 crore versus Rs 105 crore during the fourth quarter of the previous fiscal.

DLF Q4 FY23 Highlights (YoY)

• Net profit up 40.7% to Rs 570 crore as compared with Rs 405 crore.

• Revenue from operations fell nearly 6% to Rs 1,456 crore versus Rs 1,547 crore.

• Ebitda rose 8% to Rs 398 crore as against Rs 367.5 crore.

• Ebitda margin expanded to 27.3% versus 23.7%.

The board of directors have recommended a dividend of Rs 4 per share on equity shares of Rs 2 each for the fiscal ended March 31, 2023, subject to approval of shareholders.

For FY23, DLF's net profit rose 35.6% to Rs 2,035.8 crore from Rs 1,500.8 crore in FY22. Its revenue from operations for the financial year ended March 2023 fell to Rs 5,694.8 crore as compared with Rs 5,717 crore in the previous fiscal.

Other Highlights

• The company said that its residential business clocked new sales bookings of Rs 8,458 crore, reflecting YoY growth of 210%.

• Cumulative new sales for the fiscal stood at Rs 15,058 crore, a record in terms of annual sales bookings.

• DLF's net debt stands reduced to Rs 721 crore.

• The company said that its luxury offering–The Arbour at Sector 63, Gurugram–created a new benchmark in residential sales by setting a record of being sold out during the pre-formal launch phase, garnering new sales bookings of above Rs 8,000 crore.

"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," the company said.

DLF's portfolio comprises residential, commercial, and retail properties in 15 states and 24 cities in India. The group has approximately 215 Msf of development potential across residential and commercial segment and has an annuity portfolio of over 40 Msf.