DLF sales bookings rise 45% to Rs 6,599 crore in April-December; set to meet Rs 8,000 crore target for FY23

Realty major DLF Ltd has achieved a 45 per cent growth in sales bookings to Rs 6,599 crore in April-December this fiscal on better demand and is on track to achieve its annual sales guidance of Rs 8,000 crore, a senior company official said.

DLF's -- the country's largest realty firm in terms of market capitalisation -- sales bookings stood at Rs 4,544 crore in the year-ago period.

"We have achieved robust growth in our sales bookings in the first nine months of this fiscal year. The sales are driven by demand for good quality products," DLF Group Executive Director and Chief Business Officer Aakash Ohri told PTI.

He said the company has launched apartments and independent floors at different price points, which helped in achieving better sales.

DLF has launched residential projects in Delhi, Gurugram, Panchkula and Chennai.

Asked about sales bookings for the entire fiscal, Ohri said the company has given a guidance of Rs 8,000 crore for the 2022-23 fiscal and is expected to achieve it comfortably.

"We are on track to meet our sales booking targets. We may even do better than that. But we are sticking to our guidance," he added.

"Demand is very strong. People have the desire and money to purchase real estate. Customers want the safety of their money. So, they are now investing in projects of trusted real estate developers like us," Ohri said.

DLF achieved one of the highest quarterly new sales bookings of Rs 2,507 crore, reflecting a year-on-year growth of 24 per cent.

In its investors' presentation, DLF said it will give emphasis on offering customer-oriented products.

"Encouraging response to recent products enthuses us to initiate larger developments offering differentiated living and best-in-class amenities," it said.

The focus would remain on strong cash generation and margin accretion by offering quality products at established locations, DLF said.

On the outlook for the residential market, DLF said that the calendar year 2022 registered significant growth in housing demand driven by consumer desire towards home ownership, larger homes across established locations and better affordability.

"Larger homes offering better amenities are expected to be the preferred choice for consumers. Consolidation in favour of larger, credible players should continue.

"Calibrated demand-supply dynamics in the market leading to faster inventory monetisation. Demand momentum remains largely insulated from rising interest rates so far; quality products at established locations should continue to garner healthy interest," the company noted.

DLF on Wednesday reported a 37 per cent increase in its consolidated net profit at Rs 519.21 crore for the quarter ended December 2022. Its net profit stood at Rs 379.48 crore in the year-ago period.

Its total income, however, fell to Rs 1,559.66 crore in the third quarter of this fiscal year from Rs 1,686.92 crore in the corresponding period of the previous year.

"We remain enthusiastic about the housing industry's intrinsic growth potential which continues to be supported by a resilient economy," DLF said in a statement on Wednesday.