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Revenue
₹1,362 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
DLF reported a strong Q1 FY25 with pre-sales of INR 6,400 crore, driven by the successful Privana West launch. PAT came in at INR 646 crore, and combined free operating cash flow exceeded INR 2,500 crore, reflecting robust collections and rental income. The rental business continues to strengthen, with office vacancy targeted to decline from 8.8% to 6-7% by year-end. Management maintained its FY25 pre-sales guidance of INR 17,000 crore but hinted at upside from Lux 5 launch in Q3. Key risks include potential slowdown in high-ticket demand in Gurgaon and execution delays in new project launches.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 90%+ sell-through on existing launches and initial sales from Lux 5; upward bias possible.
- Current vacancy at 8.8%; SEZ de-notification and strong leasing demand expected to drive reduction.
- Driven by completion of Downtown 4 (Gurgaon) and Downtown 3 (Chennai), plus full-year contribution from Downtown 1 & 2.
- Full throttle construction for Arbour, Privana South, and Privana West will drive higher spend.
Risks flagged
- Analyst raised concern about slower sales in INR 7 crore+ category; management denied seeing any slowdown but acknowledged market noise.
- Mumbai project launch pushed to December; Lux 5 and Goa launches dependent on approvals; any delay could impact FY25 pre-sales.
- Reported margins impacted by mix of older projects (e.g., Camellias); embedded margins on new launches remain healthy but reported margins may fluctuate.
Key quotes
- Our pre-sales number was in the range of INR 6,400 crore, predominantly headlined by the extremely successful launch of Privana West.
- I think the most heartening number that really, you know, everybody should draw a lot of enthusiasm from, is the entire cash flow number, where really, if you see between our DLF and Cyber City numbers, together, we did in excess of INR 2,500 crore of free operating cash flow during the quarter.
- Our intent has been to look at retail customers. Our intent has to has been over the last two years, we have deduped our list. Even if somebody is asking for two units, mostly, we say no.
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