Updated January 26th, 2024 at 10:38 IST
DLF stages strong performance in Q3, propelled by premium project launch
DLF's decision to introduce two projects in Panchkula and Gurugram has also proven to be fruitful, adding an extra Rs 1,400 crore to the overall sales t
- 2 min read
DLF Q3 earnings: DLF, the country’s biggest real estate developer, delivered an extraordinary performance in the third quarter of current financial year surpassing all expectations. The driving force behind the success was impeccable launch of a premium project in Sector 76/77, Gurugram resulting in a remarkable sales surge of Rs 9,000 crore, a fourfold increase and a notable 21 per cent above the estimated figures, analysts at brokerage firm Motilal Oswal said.
The star performer in this outstanding quarter has been the premium project in Sector 76/77, Gurugram, achieving a sold-out status during its launch and contributing Rs 7,200 crore in bookings.
DLF's decision to introduce two smaller projects in Panchkula and Gurugram has also proven to be fruitful, adding an extra Rs 1,400 crore to the overall sales tally. New projects have dominated the landscape, accounting for a substantial 95 per cent of the total sales in the quarter.
Image credit: DLF
DLF hit its highest collection mark of Rs 2,500 crore, showcasing a substantial 80 per cent annual growth.
The substantial influx of funds allowed the company to generate a surplus cash of Rs 1,100 crore resulting in a net cash position of Rs 1,200 crore, a significant jump from Rs 140 crore in the previous quarter.
DLF unveiled an additional 16 million square feet (msf) of project pipeline beyond FY24, bringing the total future project pipeline to an impressive 32 msf, with plans to launch 10 msf in FY25.
The latest additions to the pipeline, particularly in the luxury segment, are expected to drive an approximate 20 per cent increase in average realisation, Motilal Oswal said.
DLF Cyber City Developers Limited (DCCDL) Rental Performance
DCCDL's non-SEZ portfolio maintained a robust 97 per cent occupancy, while SEZ assets saw a marginal decline to 84 per cent.
The overall occupancy in DCCDL’s office portfolio remained impressive at 91 per cent.
Despite a flat sequential performance, rental income increased by 9 per cent hitting Rs 1,090 crore.
Pre-leasing for the under-construction portfolio witnessed an encouraging rise to 91 per cent in 3QFY24, showcasing strong demand for DCCDL's offerings.
Published January 26th, 2024 at 10:38 IST