Realty major DLF retains sales bookings target at Rs 17,000 crore for FY25
As per the investor presentation, DLF plans to launch projects worth Rs 42,000 crore during this fiscal.
Realty major DLF has maintained sales bookings guidance of Rs 17,000 crore with likely upside for this fiscal and said it has receivables of around Rs 21,000 crore from customers compared to residual construction expenses of about Rs 11,000 crore on ongoing projects.
In a conference with analysts, DLF Managing Director Ashok Tyagi also asserted that the withdrawal of indexation benefit for calculating long term capital gain (LTCG) tax on property sales would not have “much bearing” on consumer demand.
When asked whether the company would revise its sales bookings guidance upwards, Tyagi said the company would stick to its target with possible upside and might issue fresh guidance after the second quarter when there would be clear visibility of launches of projects.
DLF’s sales bookings jumped over three-fold to Rs 6,404 crore during the first quarter of this fiscal on strong demand for its luxury housing properties. The company had sold properties worth Rs 2,040 crore in the year-ago period.
In May, DLF had given guidance to achieve Rs 17,000 crore worth of sales bookings for the entire 2024-25 financial year as against nearly Rs 15,000 crore in the preceding year.
Asked about the launch pipeline, Tyagi said the company would launch luxury villas in Goa this quarter, a super-luxury project, similar to ‘The Camelias’, in Gurugram during the next quarter. It also expects to launch a project in Mumbai by December and another project in Gurugram during the last quarter of 2024-25.
As per the investor presentation, DLF plans to launch projects worth Rs 42,000 crore during this fiscal.
On capital expenditure plan, Tyagi said the company has a receivables of around Rs 21,000 crore from customers against sales, while the pending construction cost on existing projects is around Rs 11,000 crore. A huge fund is also lying in RERA’s escrow account.
According to its latest investor presentation, the company’s sales bookings in the April-June quarter were driven by its luxury project ‘DLF Privana West’ at Sector 76/77, Gurugram that saw sales of Rs 5,600 crore.
In its super-luxury housing project ‘The Camellias’ at DLF 5, Gurugram, the company sold 4 units for Rs 251 crore.
On Thursday, DLF reported a 23 per cent increase in its consolidated profit to Rs 645.61 crore in the first quarter of this fiscal.
Its net profit stood at Rs 527 crore in the year-ago period.
Total income rose to Rs 1,729.82 crore during the April-June period of this fiscal from Rs 1,521.71 crore in the corresponding period of the previous year.
“We stay committed towards leveraging this positive momentum and have planned a strong launch pipeline of an additional 9 million square feet of new products during the fiscal, across various segments and geographies, including Gurugram, Mumbai, Goa and Chandigarh Tri-city,” the company added.
The company said it continues to witness healthy sales momentum and strong growth in collections leading to further improvement in its net cash position.
DLF is India’s leading real estate developer and has more than seven decades of track record.
It has developed more than 178 real estate projects and an area in excess of 349 million square feet.
DLF Group has 220 million square feet of development potential across residential and commercial segments.
The group has an annuity portfolio (office and retail real estate spaces) of over 44 million square feet.
DLF is primarily engaged in the business of developing and selling residential properties (Development Business) and developing and leasing commercial and retail properties (Annuity Business).
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 26 2024 | 8:15 PM IST