Real estate builder DLF has reported a 40% year-on-year increase in its fourth-quarter net profit to Rs 569 crore, helped by strong demand in the housing segment.
New sales bookings during the quarter stood at Rs 8,458 crore, reflecting a 210% y-o-y growth, the company said on Friday. For the full year FY23, new sales stood at a record Rs 15,058 crore, more than double of the previous year.
At the end of FY23, DLF’s residential business recorded new sales bookings of Rs 7,273 crore, reflecting a 136% y-o-y growth.
The company’s consolidated revenue for the fourth quarter stood at Rs 1,576 crore while for the financial year the topline was Rs 6,012 crore.
“Our luxury offering–The Arbour at Sector 63, Gurgaon–created a new benchmark in residential sales by setting a record of being entirely sold out during the pre-formal launch phase, garnering new sales bookings of over Rs 8,000 crore,” DLF said in a statement. “The residential upcycle along with rising demand for the luxury segment enthuses us to remain committed towards scaling up our new offerings.”
The company said strong business performance led to a healthy surplus cash generation, enabling significant strengthening of the balance sheet.
“Consequently, our net debt now stands reduced to Rs 721 crore, one of the lowest levels. Further to this strong performance, our credit rating was upgraded to CRISIL AA/Stable outlook and ICRA AA/Stable outlook,” the company said.
The office portfolio remained steady and the retail business exhibited strong demand momentum.
The FY23 consolidated revenue of DLF Cyber City Developers Ltd. grew to Rs 5,419 crore, a 19% y-o-y growth, while consolidated profit for the year stood at Rs 1,429 crore, a y-o-y growth of 43%.
According to DLF, recovery across the office segment remains gradual because of continued global macro headwinds.
“While such headwinds continue to impact decision-making in the short term, we believe that India would continue to be the preferred destination for global captives and large occupiers,” DLF said.
DLF is witnessing healthy demand for newer developments, indicating a clear shift by large occupiers towards quality workplaces.
“With this backdrop, we continue to invest in our new developments across DLF Downtown, Gurgaon and Chennai, and are implementing asset enhancement strategies across our existing portfolio as well,” the company said.
DLF’s retail business continues to operate at high occupancy levels and deliver healthy growth. Footfall levels are now reaching the pre-pandemic level, with consumption trends showing buoyancy.
“We expect sustained momentum for quality retail destinations and, hence, continue our expansion plans in this segment across multiple markets. We continue to work extensively towards our upcoming retail destination, Mall of India at Gurgaon, for which planning is in advanced stages,” DLF said.
Source : ET