DLF Q3 Results: Profit Rises, Misses Estimates

DLF Ltd.'s third-quarter profit rose, but missed analysts' estimates.

The real estate major's consolidated net profit increased 26.6% year-on-year to Rs 655.7 crore in the quarter ended December 2023, according to an exchange filing. Analysts polled by Bloomberg had estimated a net profit of Rs 721 crore.

Revenue from operations rose 1.8% to Rs 1,521 crore during the October-December quarter, as compared with the Rs 1,697-crore consensus estimate of analysts tracked by Bloomberg.

• Revenue up 1.8% at Rs 1,521 crore vs Rs 1,495 crore.

• Ebitda rises 7.1% to Rs 511 crore vs Rs 477 crore.

• Margin expands to 33.58% vs 31.92%.

• Net profit up 26.6% at Rs 656 crore vs Rs 518 crore.

The company recorded a sales booking of Rs 9,047 crore backed by multiple launches in the quarter. This included DLF Privana South, Gurugram, a luxury high-rise development; Central 67, Gurugram, a shop-cum-offices plotted development; and The Valley Orchard, Panchkula, with low-rise independent floors.

Accounting for these launches, the company reported pre-sales of Rs 13,316 crore in nine months of FY24, exceeding its FY24 guidance of Rs 13,000 crore.

Apart from this, the management also expects its office segments occupancy levels to normalise over the next few quarters, with the amendment in the SEZ regulations allowing floorwise denotification.

In a separate notice, the board also declared sale of its asset 'DLF Centre', a commercial building in the central business district of New Delhi to the company's subsidiary, DLF Cyber City Developers Ltd., for an aggregrate consideration of Rs 825 crore. This is in line with the company's aim to consolidate its rental business.