DLF Q4 net profit jumps 41% YoY to Rs 570 crore; revenue down by 5.9%

Realty parent DLF on Friday announced a 40 per cent increase in its consolidated net profit to Rs. 570 crore for the quarter ended March last financial year (Q4FY23). It was Rs 405 crore in the same period last year.

DLF said its net profit for the entire financial year in FY23 was Rs.2,035.83 crore as against Rs.1,500.86 crore in FY22.

The company’s revenue from operations decreased by 5.9% and amounted to Rs.1,456.06 crore in the fourth quarter of FY23. However, in the last year period, it was Rs.1,547.26 crore. While for the last full financial year (FY23), its revenue was Rs.5,694.83 crore as against Rs.5,717.39 crore in FY22.

DLF’s operating profit, calculated as EBITDA (earnings before interest, tax, depreciation and amortization) rose 8 per cent to Rs.397 crore for the fourth quarter. Meanwhile, margins were 27.4 percent in the reporting period.

The board has also recommended a dividend of Rs 4 per share of 200 per cent on par value of Rs 2 per share in FY23.

The company’s residential business achieved record performance by recording new sales bookings of Rs. 8,458 crore, reflecting a year-on-year growth of 210%. Cumulative new sales for FY23 were Rs 15,058 crore for annual sales bookings.

“Strong business performance generated a healthy cash surplus allowing for a significant strengthening of our balance sheet. As a result, our net debt is now down to Rs.721 crore, which is one of the lowest levels.”

DLF said its office portfolio has remained flat and is continuing its path to normal life. Recovery across the office sector remains gradual due to continued global macro headwinds.

Retail also showed strong demand momentum and continued to operate at high occupancy levels.

“Traffic levels are now reaching a pre-pandemic level, with consumption trends showing a float. We anticipate sustained momentum for quality retail destinations and therefore continue with our expansion plans in this segment across multiple markets. We continue to work broadly towards our next retail destination, the Mall India’s Gurugram and its planning are in advanced stages,” said DLF.

The company will continue to invest in its new projects across DLF Downtown, Gurugram and Chennai and is implementing asset enhancement strategies across the existing portfolio.

Consolidated revenue of DLF Cyber ​​City Developers Limited in FY23 grew to Rs.5,419 crore, reflecting an annual growth of 19%. Consolidated profit for the financial year was Rs.231,429 crore, with an annual growth of 43 per cent.