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Revenue
₹1,529 Cr
verified against source
Revenue YoY
—
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 stellar Q3FY25 with pre-sales of INR 11,800+ crore driven by the Dahlias launch, which alone contributed over INR 8,000 crore of pre-margin. PAT hit INR 1,000 crore, crossing the four-digit mark for the first time in years. Operating cash flow was healthy at INR 1,800 crore, and total cash balance reached INR 4,500 crore. The rental business (DCCDL) saw vacancy decline to 7.2%, with a large CapEx cycle underway across Downtown Gurgaon and Chennai. Management guided for Mumbai launch in Q4FY25 and Goa/Privana Phase 3 in early FY26. A one-time tax provision of INR 900 crore under Vivad Se Vishwas was booked, with cash outflow in Q4. Key risk: construction bandwidth constraints and approval delays could push back launches.
Colored figures show movement against the previous available record.
Guidance to track
- Mumbai project approval expected in weeks; launch likely in current quarter.
- Approval cycles may push these launches to early next fiscal.
- DCCDL rental income ~INR 6,300-6,350 crore; DLF rental income ~INR 800 crore (corrected from earlier 1,000-1,200).
- Construction on Downtown Gurgaon Phase 2 (4.5-4.6 mn sq ft offices, 2 mn retail) and Chennai Downtown 4&5 (3.6 mn sq ft) underway.
Risks flagged
- Management noted that 40-50 mn sq ft under construction is the efficient limit; beyond that, contracting ecosystem becomes a constraint.
- Mumbai, Goa, and Privana Phase 3 approvals are pending; delays could push launches beyond current guidance.
- INR 7,000 crore is escrowed in RERA accounts; cash flow recognition may be delayed until project completions from 2027-28.
- INR 900 crore tax settlement under Vivad Se Vishwas will result in cash outflow in Q4FY25, impacting near-term liquidity.
Key quotes
- I think the metric that should truly excite us is not the INR 11,800 crores of the pre-sales, but the fact that 8,000+ crores of pre-margin has been booked on account of the Dahlias sales.
- In all fairness, frankly, I wouldn't be lying to say that it sort of has also surpassed our own targets and vision that we had for the first quarter after its launch.
- We realize that just reducing debt for the sake of reducing debt is not a good idea, especially for an annuity company.
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