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Revenue
₹1,521 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹633 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
DLF delivered a stellar Q3 FY24 with consolidated revenue of INR 1,644 crore, EBITDA of INR 633 crore, and PAT of INR 649 crore, up 26% YoY. The standout was record quarterly sales bookings of INR 9,047 crore, driven by the successful launch of DLF Privana South and other projects, which sold out rapidly. The company has already exceeded its full-year sales guidance of INR 13,000 crore, reaching INR 13,316 crore in nine months. Management highlighted a fresh pipeline of 32 million sq ft with sales potential of INR 79,000 crore, more than double the previous pipeline, to be launched over 3-4 years. The rental arm, DCCDL, reported revenue of INR 1,476 crore (+8% YoY) and EBITDA of INR 1,126 crore (+6% YoY), with SEZ denotification expected to boost occupancy. Net cash improved to INR 1,246 crore. Guidance for FY25 sales is a moderate increase to INR 15,000+ crore. Key risk: construction cost inflation and execution delays could pressure margins and delivery timelines.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects a moderate increase from FY24's likely ~INR 13,000+ crore, with formal guidance in May 2024.
- Key launches include Privana 2, DLF 5 luxury project, Chennai luxury, Goa, and first phase of Mumbai project.
- Rental income for DCCDL expected to stabilize at that level, excluding Atrium Place.
- Applications filed for 1.1 billion sq ft denotification; process expected to complete by March-April 2024.
Risks flagged
- Management assumes 5% annual cost escalation and contingency, but actual costs could rise, squeezing margins.
- With sales velocity up 6x, timely delivery of 32 million sq ft pipeline is critical; management has strengthened teams but risks remain.
- Rapid price increases may lead to affordability challenges; management believes demand is genuine but macro risks exist.
- Intensive litigation with lenders and ARC delays monetization of prime Mumbai land; no near-term resolution expected.
Key quotes
- We recorded our highest quarterly sales booking of INR 9,047 crores, backed by multiple launches during the quarter.
- We have identified a fresh pipeline of new products of approximately 32 million sq ft, with the sales potential of approximately INR 79,000 crore, which is more than double of what we have delivered during the last three to four years.
- I am seeing a major shift from 30-year onwards of this segment, which is now coming into the actual purchase of residential properties.
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