DLF’s fourth-quarter net profit increases by 40%

DLF, a real estate builder, announced that its net profit for the fourth quarter has increased by 40 per cent year-on-year to Rs 5.69 billion, driven by strong demand in the housing sector. The company reported that new sales bookings in the quarter reached Rs 84.58 billion, showing a 210 per cent year-on-year growth. The full year FY23 new sales bookings amounted to a record-breaking Rs 150 billion, double the amount from the previous year. DLF's consolidated revenue for the quarter was Rs 15 billion and for the financial year was Rs 60.1 billion. The residential business reported new sales bookings of Rs 72 billion at the end of FY23, representing a 136 per cent year-on-year growth. According to DLF, their luxury offering, The Arbour at Sector 63 in Gurgaon, had already sold out during the pre-formal launch phase, with new sales bookings of over Rs 80 billion, setting a new benchmark in residential sales. DLF remains committed to scaling up its new offerings due to the residential upcycle and the rising demand for the luxury segment. The company stated that its strong business performance had led to a healthy surplus cash generation, significantly strengthening the balance sheet. DLF's net debt had reduced to Rs 7 billion, one of the lowest levels. Additionally, their credit rating was upgraded to CRISIL AA/Stable outlook and ICRA AA/Stable outlook. DLF's office portfolio remains stable, while the retail business is experiencing strong demand momentum. The consolidated revenue of DLF Cyber City Developers for FY23 grew to Rs 54.19 billion, a 19 per cent year-on-year growth, and the consolidated profit for the year was Rs 14.29 billion, a year-on-year growth of 43 per cent. DLF noted that the recovery across the office segment is gradual due to continued global macro headwinds, but India would continue to be the preferred destination for global captives and large occupiers. The company is experiencing healthy demand for newer developments, indicating a clear shift by large occupiers towards quality workplaces. DLF's retail business continues to operate at high occupancy levels, with footfall levels reaching the pre-pandemic level, and consumption trends showing buoyancy. DLF expects sustained momentum for quality retail destinations and plans to continue its expansion in this segment across multiple markets. Planning for its upcoming retail destination, Mall of India in Gurgaon, is in advanced stages. Also Read NIIF appoints Rajiv Dhar as CEO & MD on interim basisCopenhagen Airport Unveils Ambitious Expansion Plan