DLF share price gains nearly 4% as net profit rises 26% YoY in Q3
Shares of DLF, India’s leading real estate developer, witnessed a strong surge in its stock value during today’s trading session, propelled by the company’s healthy performance in the December-ending quarter (Q3 FY24).
The company released Q3 results post-market hours on Wednesday, reporting a 26.64% jump in its consolidated net profit at ₹656 crore. In the same period last year, the company reported a net profit of ₹518 crore.
The consolidated revenue from operations during the quarter came in at ₹1,521 crore, a 1.73% jump compared to revenue of ₹1495 crore in Q3 FY23. Sequentially, the revenue has improved by nearly 13%.
The company achieved its highest quarterly sales booking of ₹9,047 crore, driven by the introduction of three new products totaling over 5 million square feet across various segments.
The launches included DLF Privana South in Gurugram, a luxury high-rise development; Central 67 in Gurugram, a mixed-use development featuring shops and offices; and The Valley Orchard in Panchkula, offering low-rise independent units.
In its earnings report, the company said that it witnessed healthy demand momentum across all these products and both projects and that Gurugram was completely sold out within a record time. With this strong performance, the new sales bookings for the nine months stood at ₹13,316 crore.
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The company improved its net cash position to ₹1,246 crore at the end of the quarter. The strong performance was backed by strong collections and focused cash management.
“The office portfolio exhibited sustained performance while the retail segment continues to deliver healthy growth. Q3 FY24 consolidated revenue of DLF Cyber City Developers Limited (“DCCDL) stood at ₹1,476 crore, reflecting YoY growth of 8%; consolidated profit for the quarter stood at ₹434 crore, a YoY growth of 21%,” the company said.
Meanwhile, the credit rating for DCCDL was upgraded to ICRA AA+/Stable during the quarter. The company said that it will continue to remain focused on increasing its retail portfolio across multiple geographies.
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Following the company’s healthy Q3 numbers, the stock opened today’s trading session higher at ₹776 apiece, up by 3.8% compared to the previous closing price of ₹747.80 apiece.
Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
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Published: 25 Jan 2024, 09:53 AM IST
