PRESS RELEASE
DLF announces Financial Results for Q3FY23
Revenue at Rs 1,560 crore
Net Profit reported at Rs 515 crore, 35% Y-o-Y growth
New Sales bookings of Rs 2,507 crore, Y-o-Y growth of 24%
New Delhi, January 25, 2023
DLF Limited, India's leading real estate company announced its Q3FY23 results today. Strong business momentum exhibited across all parameters.
Financial Highlights for Q3FY23 - DLF Limited (Consolidated)
- Consolidated Revenue stood at Rs. 1,560 crore
- Gross margins at 59%
- EBITDA stood at Rs 542 crore
- Net Profit at Rs 515 crore, reflecting Y-o-Y growth of 35%
Our residential business delivered a strong performance and clocked one of the highest quarterly new sales bookings of Rs 2,507 crore, reflecting a Y-o-Y growth of 24%. Cumulative new sales for 9MFY23 stand at Rs 6,599 crore, reflecting a Y-o-Y growth of 45%.
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.
We remain enthusiastic about the housing industry's intrinsic growth potential which continues to be supported by a resilient economy. Our focus remains on creating customer-centric products that provide a distinctive living experience with best-in-class amenities across our established ecosystems.
We continue to work towards further deleveraging and consequently our Net Debt decreased to Rs 2,091 crore at the end of the quarter.
Financial Highlights for Q3FY23 - DLF Cyber City Developers Limited (Consolidated)
The office portfolio continues its gradual path to recovery. Strong momentum across the retail business continues.
- Rental income grew to Rs 1,003 crore, Y-o-Y growth of 15%;
- Consolidated Revenue of Rs 1,363 crore as compared to Rs 1,176 crore last year, reflecting a 16% Y-o-Y growth
- EBITDA stood at Rs 1,061 crore, Y-o-Y growth of 16%
- Net Profit at Rs 358 crore, reflecting a Y-o-Y growth of 27%
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.
New development across DLF Downtown, Gurugram and Chennai remains on track. Planning for our upcoming retail destination, Mall of India at Gurugram is in advanced stages.
The retail business continues to exhibit healthy growth. Consumption trends continue to reflect sustained momentum with sales delivering consistent growth leading to a healthy retail business outlook.
We remain well positioned to achieve our business objectives, which are strongly supported by continued housing demand, quality offerings and a healthy balance sheet.
Forward-Looking Statement
Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. DLF Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
For Further information please contact:
Mr. Divya Puri
Vice President - Corporate Communications DLF Ltd.
(M) 9899323869 Email: puri-divya@dlf.in