Real estate developer DLF reported a net profit of Rs 580 crore in the fourth quarter of FY23, a significant increase of 30% compared to the same period last year. The company attributed the impressive results to the strong performance of its residential business, which generated new sales bookings of Rs 8,458 crore during the quarter, marking a YoY growth of 210%.
DLF also achieved record annual sales bookings of Rs 15,058 crore for the entire fiscal year, which is more than double the previous year’s total. The company’s residential business had recorded new sales bookings of Rs 7,273 crore at the end of FY22, reflecting a YoY growth of 136%.
DLF has been able to achieve these results despite the ongoing challenges posed by the COVID-19 pandemic, which has significantly impacted the real estate sector. The company has been focusing on launching new projects and increasing its presence in key markets to drive growth.
“Our sales performance is a testament to the strength of our brand, the quality of our products, and the trust that customers have placed in us,” said DLF’s Vice Chairman, Mohit Gujral. “We are committed to providing our customers with the best-in-class homes and services, and we will continue to focus on expanding our presence in key markets across the country.”
DLF’s commercial business also performed well during the fiscal year, with a total rental income of Rs 3,276 crore, reflecting a YoY growth of 11%. The company’s rental business includes office spaces, shopping malls, and other commercial properties.
Going forward, DLF plans to focus on completing ongoing projects and launching new ones in key markets such as Mumbai, Pune, and Hyderabad. The company also plans to invest in technology and digital platforms to enhance customer experience and drive growth.
“We remain optimistic about the future of the real estate sector in India and will continue to invest in our business to capitalize on the growth opportunities that lie ahead,” said Gujral.
DLF is one of India’s largest real estate developers and has a presence in residential, commercial, and retail segments. The company has a land bank of around 300 million square feet, and its projects are spread across key markets in India, including Delhi-NCR, Mumbai, Pune, and Hyderabad.
DLF’s commercial leasing business also performed well during the quarter, with the company leasing 1.25 million sq ft of office space. This has led to a strong rental income for the company, which has been a consistent performer in the commercial real estate sector. The company’s total rental income for the fiscal stood at Rs 3,019 crore, reflecting a growth of 11% compared to the previous fiscal year.
DLF’s management has also expressed confidence in the future outlook of the company. “Our performance in Q4 FY23 reflects the resilience and agility of our business model, and I am happy to share that our residential and commercial businesses have performed well despite the challenging environment,” said DLF’s Chairman, Rajiv Singh.
DLF’s success in the residential and commercial real estate sectors has been driven by its focus on quality and customer satisfaction. The company has a strong track record of delivering high-quality projects on time and within budget, which has helped it build a loyal customer base over the years.
Looking ahead, DLF has several new projects in the pipeline, including a large-scale mixed-use development in Gurugram. The company has also announced plans to expand its presence in other major cities across India, including Mumbai, Bangalore, and Chennai.
Overall, DLF’s strong performance in Q4 FY23 and record annual sales bookings indicate that the company is well-positioned to capitalize on the growing demand for high-quality residential and commercial real estate in India. With its focus on quality, customer satisfaction, and innovation, DLF is likely to continue to be a major player in India’s real estate sector in the years to come.
