DLF / Q1-FY24

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Positive2023-07-20Back to DLF

Revenue

₹1,423 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

₹495 Cr

latest reported figure

Source

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record provenance

Actual signal trajectory

Where this quarter sits.

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EBITDA (₹ Cr)PositiveWatchNegative
6 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 495 · Positive source sentiment · 2023-07-20Q1 FY24Q2 FY24: 591 · Positive source sentiment · 2023-10-31Q2 FY24Q3 FY24: 633 · Positive source sentiment · 2024-01-23Q3 FY24Q1 FY26: 628 · Positive source sentiment · 2025-08-05Q1 FY26Q2 FY26: 902 · Positive source sentiment · 2024-10-28Q2 FY26Q3 FY26: 848 · Positive source sentiment · 2026-01-20Q3 FY26902495
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

DLF reported a steady Q1 FY24 with consolidated revenue of INR 1,522 crore and PAT of INR 528 crore, up 12% YoY. New sales bookings of INR 2,040 crore were in line with guidance. The company's net debt fell to a record low of INR 57 crore, nearing net-zero debt. The rental business (DCCDL) saw revenue of INR 1,412 crore (+12% YoY) and PAT of INR 391 crore (+21% YoY). Management reiterated its FY24 sales guidance of INR 12,000-13,000 crore, with major launches in H2 including a super-luxury project in DLF 5 (3.5 msf) and a high-rise in Chennai (1.2 msf). The Mumbai entry via a JV with Trident (3.0-3.5 msf sellable area) is a key strategic move, with first launch expected in 9-12 months. Risks include delays in Mumbai project approvals and SEZ vacancy normalization pending government notification.

Colored figures show movement against the previous available record.

Guidance to track

  • Management maintained its full-year sales booking guidance of INR 12,000-13,000 crore, with major launches planned in H2.
  • Management guided that gross margins will stay above 50% for the current year, despite quarterly fluctuations due to product mix.
  • Based on March 2024 quarter exit, rental run rate is expected to reach INR 5,000 crore, rising to INR 5,600-5,700 crore by March 2025.
  • The first phase of the Mumbai project (0.9 msf) is expected to launch within 12 months, possibly within this fiscal year.

Risks flagged

  • Slum rehabilitation projects in Mumbai are complex and prone to delays; approvals for the sale area are yet to be obtained.
  • SEZ vacancy increased due to a large tenant vacating; recovery hinges on floor-wise denotification notification, timing uncertain.
  • The Tulsiwadi project is stuck in NCLT due to a shareholder dispute, with no near-term resolution expected.
  • A large portion of surplus cash is locked in RERA accounts and cannot be freely deployed for growth or dividends.

Key quotes

  • Our net debt now stands reduced to the lowest ever at INR 57 crores. With these low levels of debt, we have almost achieved our commitment of being net zero and hopefully should end the year with a surplus cash position.
  • We are right now in the second half of the year and already underway, looking at 3 projects in Gurugram... the GAV of all of these three projects will be higher than Mumbai. Individually.
  • I see this going up to about INR 1 lakh a square foot in no time, because it is going to jump now.

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