India’s preeminent real estate entity, DLF Ltd, disclosed on October 25 a substantial 121% year-over-year (YoY) escalation in its consolidated net profit, amounting to ₹1,387 crore for the fiscal quarter culminating on September 30, 2024. The company had previously registered a net profit of ₹628 crore during the corresponding period in the preceding year, as stated in the regulatory submission.
The consolidated revenue of DLF experienced a remarkable ascent of 48% YoY, reaching ₹2,181 crore for the July-September quarter of FY25, in contrast to ₹1,476.42 crore in Q2FY24.
The declared net profit encompasses a reversal of deferred tax liabilities totaling ₹606 crore, following the alteration in the long-term capital gains tax rate ratified under the Finance Act, 2024.
Total operational expenses surged by nearly 58% YoY, amounting to ₹1,604.22 crore in Q2FY25, compared to ₹1,012.45 crore in the same quarter of the previous fiscal year. DLF secured fresh sales bookings valued at ₹692 crore and reported a robust operational cash surplus standing at ₹1,211 crore.
“The outlook for the residential sector remains robust, while our developmental ventures persist in showcasing steady momentum. Approvals for ‘The Dahlias,’ our ultra-luxury project situated in DLF 5, Gurugram, were obtained in the early segment of this quarter. New sales bookings for H1FY25 aggregate to ₹7,094 crore, and we are aligned with our fiscal year targets,” DLF communicated.
At the close of the period, DLF’s net cash reserve was positioned at ₹2,831 crore, despite an elevated dividend disbursement of ₹1,238 crore within the quarter.
Gross margins for the quarter stood at 45%, exhibiting a decline from 51% in the preceding quarter.
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The rental division’s performance remained resilient throughout the interval.
DLF Cyber City Developers Limited (DCCDL) reported consolidated revenue of ₹1,653 crore for Q2FY25, reflecting a 13% YoY growth trajectory. Consolidated net profit surged to ₹521 crore, marking a 25% increase compared to Q2FY24.
“Our leasing portfolio is witnessing favorable trends, indicating consistent growth. In response to these affirmative signals, we have expedited our capital expenditure undertakings to bolster the expansion of our rental assets, initiating development of the next phases at Downtown Chennai and Downtown Gurugram, encompassing approximately 11 million square feet (msf), which includes a substantial 2 msf retail hub in Gurugram. The ongoing developments, such as Atrium Place in Gurugram and three retail malls, are proceeding as planned and are anticipated to commence generating rental income in the upcoming fiscal year,” DLF elaborated in its announcement on October 25, 2024.
In Q1FY25, DLF had announced a 23% YoY increment in net profit, amounting to ₹646 crore for the quarter ending June 30, 2024, compared to ₹526.11 crore in Q1FY24.
The consolidated revenue for Q1FY25 had climbed by nearly 14% YoY, amounting to ₹1,729.82 crore, up from ₹1,521 crore in Q1FY24.
DLF’s shares concluded the trading session on October 25 at ₹777.7 per share on the BSE, reflecting a 3% decline.
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