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Revenue
₹2,135 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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What the record says.
DLF reported a strong Q4 FY24 with consolidated PAT of INR 900 crore and full-year PAT of INR 2,700 crore. Pre-sales remained robust at ~INR 15,000 crore for the second consecutive year, driven by successful launches like Privana West. Free operating cash flow reached INR 4,300 crore, and the company ended the year with a net positive cash balance of INR 1,500 crore+. Management guided for FY25 pre-sales of INR 17,000 crore, supported by a launch pipeline including Lux 5 (INR 3,500 crore planned sales), Privana phases, and Mumbai entry. The rental business is also poised for growth with exit rentals expected to rise from INR 5,000-5,100 crore to INR 5,900-6,000 crore in FY25. Margins are expected to expand into the mid-40s with Lux 5. A key risk is the execution and market reception of the Mumbai foray, given the company's previous challenges in that market.
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Guidance to track
- Management guided for pre-sales of INR 17,000 crore in FY25, driven by launches including Lux 5, Privana phases, Goa villas, and Mumbai project.
- Rental business exit rental for FY25 is guided at INR 5,900-6,000 crore, up from INR 5,000-5,100 crore in FY24.
- Weighted average margins are expected to move from late 30s-40% to mid- to late 40s post Lux 5 launch.
- Management targets collections growth of at least 15% on an ongoing basis for next year, excluding one-time Chennai land sale.
Risks flagged
- DLF's entry into Mumbai is a new geography with different dynamics; previous JV in Mumbai was not a pleasant experience, raising concerns about execution.
- A large portion of the launch pipeline is in the luxury segment (Lux 5, Privana), which may have slower sales velocity due to high ticket sizes.
- INR 4,000 crore of cash is locked in RERA escrow accounts, limiting flexibility for land acquisitions or debt reduction.
- While management is confident, a cyclical downturn could impact absorption of the large supply pipeline in Gurgaon.
Key quotes
- Our pre-sales for the last year have again been in the vicinity of INR 15,000 crore, thus maintaining now two back-to-back years of a INR 14,500 crore-INR 15,000 crore sales level.
- We are clearly looking at a strong growth in the next fiscal and hopefully targeting a sales guidance of INR 17,000 crore for fiscal 2024-25.
- We are not going to stop at 17. So should the traction for a super luxury product get better, we know... we are not going to hold back.
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