DLF witnesses 61% profit jump & gains Rs.921crore

DLF Ltd, the biggest real estate company in India, announced a significant increase of 62% in its consolidated net profit to Rs.920.7 crore on Monday, May 13. This impressive growth was primarily driven by a surge in income during the fourth quarter of the financial year 2023–24.

Just a year ago its revenue from profit stood at Rs.570.01 crore. DLF experienced a significant increase in revenue, with a growth of almost 47% year-over-year, reaching Rs.2,135 crore in the January-March quarter, as opposed to the Rs.1,456 crore reported in Q4FY23.

DLF witnessed a significant increase in EBITDA by almost 90% to Rs.754.4 crore Year-over-Year in Q4FY24, as opposed to Rs.398.3 crore in Q3FY23. The firm achieved a margin of 35.3%. 

In the fiscal year 2023–24, the company experienced a 34% growth in net profit, reaching Rs.2,727.09 crore compared to Rs.2,035.83 crore in the previous year.

The total revenue increased to Rs. 6,958.34 crore in the previous fiscal year from Rs.6,012.14 crore in the 2022-23 financial year.

DLF's sales bookings on the operational front decreased by 2% to Rs.14,778 crore in the last fiscal year, down from Rs.15,058 crore in the previous year.

DLF has also declared a dividend of Rs.5 per equity share, which is equivalent to 250% of the face value of Rs.2 per share, for the fiscal year 2023-24. However, this dividend is subject to the approval of the shareholders.

The Managing Director of the real estate major, Ashok Kumar Tyagi, has been named the Chief Financial Officer (CFO). He will retain the extra duties until a new CFO is selected.

DLF intends to introduce over 11 million square feet of new offerings in the fiscal year 2024-25, with a focus on different markets such as Gurugram, Mumbai, Goa, and the Chandigarh Tri-city region.

On May 9, DLF announced that its recent project 'DLF Privana West' in Gurugram successfully sold properties worth around Rs.5,590 crore in just three days.

In the month of January in the current year, DLF Privana South recorded sales amounting to Rs.7,200 crore in just a matter of minutes.