DLF's FY23 net profit rises 36% to Rs 2,034 crore; clocks record sales bookings of Rs 15,058 crore

Realty major DLF Ltd on Friday reported a 40 per cent increase in its consolidated net profit at Rs 569.60 crore for the quarter ended March 2023 and clocked a record sales bookings of Rs 15,058 crore for the entire last fiscal.

Its net profit stood at Rs 405.54 crore in the fourth quarter of 2021-22 fiscal.

Total income fell to Rs 1,575.70 crore in the March quarter of this fiscal year from Rs 1,652.13 crore in the corresponding period of the previous year, according to a regulatory filing.

Total expenses in the January-March quarter fell to Rs 1,178.31 crore from Rs 1,344.83 crore, leading to a rise in the net profit number.

DLF's net profit increased 36 per cent to Rs 2,033.95 crore in the last fiscal from Rs 1,500.32 crore in the 2021-22.

Total income declined to Rs 6,012.14 crore in 2022-23 financial year from Rs 6,137.85 crore in the previous year.

The board also approved dividend of Rs 4 each per equity share of face value of Rs 2 each for the 2022-23 fiscal, subject to approval of the shareholders.

In a statement, DLF said that its residential business delivered a record performance by clocking new sales bookings of Rs 8,458 crore in the March quarter, reflecting a year-on-year (Y-o-Y) growth of 210 per cent.

"Cumulative new sales for the last fiscal stood at Rs 15,058 crore, record annual sales bookings," it said.

The record sales bookings of over Rs 15,000 crore is highest for the 2022-23 fiscal among listed entities.

DLF said its luxury housing project 'The Arbour' at Sector 63, Gurugram, 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.

"Our offerings across multiple geographies continue to be the preferred choice of customers enabling healthy growth in our business. The residential upcycle along with rising demand for luxury segment enthuses us to remain committed towards scaling up our new offerings," the company added.

DLF said it would continue to follow a calibrated approach to bring new products across multiple markets while simultaneously ensuring timely execution of its launched products.

"The strong business performance led to a healthy surplus cash generation enabling significant strengthening of our balance sheet. Consequently, our net debt now stands reduced to Rs 721 crore, one of the lowest levels," the company said.

The office portfolio remained steady and continues its path to normalcy. The retail business exhibited strong demand momentum, the statement said.

DLF is India's largest realty firm in terms of market capitalisation. It has developed more than 153 real estate projects and developed an area in excess of 330 million square feet.

DLF is primarily engaged in the business of development and sale of residential properties (the Development Business) and the development and leasing of commercial and retail properties (the annuity business).

The group has an annuity portfolio of over 40 million square feet.

The company has 215 million square feet of development potential across residential and commercial segment.

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