DLF Q3 results: Net profit rises 35%, logs Rs 2,507-cr residential bookings

Leading real estate group DLF on Wednesday reported a Rs 35 per cent year-on-year jump in its profit after tax (PAT) for the October-December quarter. During the quarter, its PAT grew to Rs 518 crore from Rs 379.5 crore in the corresponding quarter previous year, while it surged 9 per cent quarter-on-quarter from Rs 477 crore.

The Delhi-headquartered realtor’s operating revenue, however, took a hit - declining 3.5 per cent yoy to Rs 1,495 crore, down from Rs 1,550 crore in the same quarter last year. Sequentially, operating revenue surged 15 per cent.

According to the company, it clocked Rs 2,507 crore worth of sales bookings from its residential business during the quarter - one of the highest in its history and 24 per cent higher yoy, while its cumulative new sales for the fist nine months of FY23 stood at Rs 6,599 crore, growing 45 per cent yoy.

“Our luxury offering – The Grove at DLF5, Gurugram, stands completely sold-out reaffirming demand for quality offerings at established locations. Sales bookings during the quarter for this product stood at Rs 1,570 crore. The second phase of our recently launched product-The Valley Gardens in Panchkula, echoed customer confidence towards our product offerings in that geography, clocking in sales bookings of Rs 540 crore during the quarter,” said DLF in a post-earnings statement.

DLF Cyber City Developers (DCCDL), the group’s commercial and retail arm, recorded 27 per cent jump in net profit to Rs 358 crore, while its rental income grew by 15 per cent to Rs 1,003 crore. DCCDL’s consolidated revenue surged 16 per cent to Rs 1,363 crore - up from Rs 1,176 it had reported in the same quarter last year.

According to DLF management, its retail business continues to exhibit healthy growth. “Occupiers’ attendance across the portfolio continues to inch upwards with gradual recovery across the office segment. While global headwinds continue to persist leading to a challenging environment, we expect demand for quality office assets at established locations should continue to garner interest of large occupiers,” it said.

On Wednesday, DLF's scrip on BSE closed trading 3.5% lower at Rs 352.25.