DLF reported a 62% jump in Q4 profit to Rs 921 crore, driven by higher income. The company plans to launch new residential projects worth Rs 36,000 crore in FY25.
New Delhi, May 13 (PTI) India's largest realty firm DLF Ltd on Monday reported a 62 per cent increase in its consolidated net profit to Rs 920.71 crore in the quarter ended March on higher income and announced the launch of multiple housing projects next fiscal with an estimated revenue potential of Rs 36,000 crore.
DLF's Managing Director Ashok Kumar Tyagi has been appointed the company's Chief Financial Officer (CFO). He will continue to hold the additional responsibility until a new CFO is appointed.
Its net profit stood at Rs 570.01 crore in the year-ago period.
Total income rose to Rs 2,316.70 crore in the fourth quarter of 2023-24 from Rs 1,575.70 crore in the corresponding period of the previous year, according to a regulatory filing.
During 2023-24, the company's net profit increased by 34 per cent to Rs 2,727.09 crore from Rs 2,035.83 crore in the preceding year.
Total income grew to Rs 6,958.34 crore during the last fiscal from Rs 6,012.14 crore in the 2022-23 financial year.
On operational front, DLF's sales bookings declined 2 per cent to Rs 14,778 crore last fiscal from Rs 15,058 crore in the preceding year.
DLF, the country's largest real estate firm in terms of market capitalisation, also announced a dividend of Rs 5 each per equity share (250 per cent) of face value of Rs 2 each for the 2023-24 fiscal, subject to approval of the shareholders.
"Subsequent to the quarter, Ashok Kumar Tyagi has been appointed as Chief Financial Officer (CFO) of the company in addition to his existing position as Managing Director. His appointment has been approved by the Board of Directors in their meeting held on May 13, 2024," the filing said.
"No separate remuneration is proposed to be paid for his additional role as the CFO of the company.
DLF group is primarily engaged in the business of the development and sale of residential properties (development business) and the development and leasing of commercial and retail properties (annuity business).
"Our development business continues to witness strong momentum and consequently recorded healthy sales booking of Rs 14,778 crore during the last fiscal year," DLF said.
The company launched about 6 million (60 lakh) square feet area for sale during the last fiscal year and the same saw strong absorption resulting in monetization of almost entire inventory during the launch period.
"The demand momentum in the residential segment is expected to stay strong and consequently we remain focused on bringing a calibrated supply across multiple micro markets," DLF said.
The company plans to launch more than 11 million (110 lakh) square feet of new products during 2024-25 fiscal, targeting various markets including Gurugram, Mumbai, Goa and Chandigarh Tri-city.
"The estimated sales potential of these launches is approximately Rs 36,000 crore which should lead to steady growth in the business," it added.
DLF said it remained focused on cash flow generation and consequently generated a record cash flow from operations of Rs 4,385 crore during the last fiscal year.
"This healthy cash flow generation resulted in further improvement in the net cash position for the business, which stood at Rs 1,547 crore at the end of the period. We continue to follow a prudent capital allocation policy focusing on profitable growth coupled with enhancing shareholder returns," the company said.
In line with this policy, DLF said it has acquired a strategic opportunity in Sector-61, Gurugram offering a sizeable potential of about 7.5 million (75 lakh) square feet and an estimated sales potential of more than Rs 20,000 crore. The company would monetize this asset over the next few years.
"Our office business continued to deliver a healthy performance. The retail segment too continues to deliver strong growth," DLF said.
DLF Ltd has developed more than 158 real estate projects and developed an area in excess of 340 million square feet. DLF Group has 215 million square feet of future development potential across residential and commercial segments.
It has an annuity portfolio of over 44 million square feet with an annual rental income of more than Rs 4,000 crore.
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