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Revenue
₹1,348 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹591 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
DLF delivered a strong Q2 FY24 with consolidated revenue of INR 1,476 crore, EBITDA up 19% YoY to INR 591 crore, and PAT up 29% YoY to INR 629 crore. The company achieved a net cash position of INR 142 crore post dividend, a key milestone. New sales bookings of INR 2,228 crore were in line with guidance, driven by robust demand in luxury and super-luxury segments, particularly the Camellias project where pricing exceeded INR 75,000/sq ft. The rental business (DCCDL) saw revenue growth of 7% YoY to INR 1,463 crore, with office occupancy improving to 91%. Management maintained a positive outlook, guiding for FY24 sales of INR 13,000 crore+ and construction spend of ~INR 1,700 crore. Risks include potential delays in new project launches and legal uncertainties around the Tulsiwadi project.
Colored figures show movement against the previous available record.
Guidance to track
- Management upgraded sales guidance from INR 12,000-13,000 crore to INR 13,000 crore+, citing strong demand and pipeline.
- Annual construction spend expected to increase ~40% YoY to INR 1,700 crore, with higher outflow in H2.
- Approvals on track for key launches; DLF 5 super-luxury project expected in Q4 FY24 or Q1 FY25.
- Rental arm DCCDL will maintain its dividend cycle, with interim dividend declared post H1 results.
Risks flagged
- The Tulsiwadi project is mired in legal issues with shares in suspended animation; management is confident of no financial loss but outcome uncertain.
- Management acknowledged DLF 5 launch could slip to Q1 FY25, though sales guidance remains unaffected.
- Management indicated REIT listing is a few quarters away, dependent on benign interest rate scenario, which is uncertain.
- SEZ occupancy at 85% with 14-15% vacancy; floor-wise denotification awaited from Ministry of Commerce, which may not materialize as expected.
Key quotes
- We have therefore delivered on our commitment to achieving a net debt zero position.
- Camellias today is being referred as an India product. I think that is a bigger satisfaction than just reaching the INR 100 crore mark.
- What will bring us closer to a REIT is the performance of the other REITs and not the performance of Mr. Khattar.
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