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Mumbai project execution and approval delays
View Risks →DLF Limited — Q1 FY24
DLF reported a steady Q1 FY24 with consolidated revenue of INR 1,522 crore and PAT of INR 528 crore, up 12% YoY.
bullish
high
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DLF reported a steady Q1 FY24 with consolidated revenue of INR 1,522 crore and PAT of INR 528 crore, up 12% YoY. New sales bookings of INR 2,040 crore were in line with guidance. The company's net debt fell to a record low of INR 57 crore, nearing net-zero debt. The rental business (DCCDL) saw revenue of INR 1,412 crore (+12% YoY) and PAT of INR 391 crore (+21% YoY). Management reiterated its FY24 sales guidance of INR 12,000-13,000 crore, with major launches in H2 including a super-luxury project in DLF 5 (3.5 msf) and a high-rise in Chennai (1.2 msf). The Mumbai entry via a JV with Trident (3.0-3.5 msf sellable area) is a key strategic move, with first launch expected in 9-12 months. Risks include delays in Mumbai project approvals and SEZ vacancy normalization pending government notification.
DLF ने पहली तिमाही (अप्रैल-जून 2023) में अच्छा प्रदर्शन किया। कंपनी की कुल कमाई 1,522 करोड़ रुपये और मुनाफा (PAT) 528 करोड़ रुपये रहा, जो पिछले साल से 12% ज्यादा है। नई बिक्री 2,040 करोड़ रुपये रही, जो अनुमान के मुताबिक है। कंपनी का कर्ज घटकर सिर्फ 57 करोड़ रुपये रह गया, यानी लगभग बिना कर्ज वाली कंपनी। किराये के कारोबार (DCCDL) से कमाई 1,412 करोड़ रुपये (+12%) और मुनाफा 391 करोड़ रुपये (+21%) रहा। प्रबंधन ने इस साल 12,000-13,000 करोड़ रुपये की बिक्री का लक्ष्य दोहराया है। साल के दूसरे हिस्से में बड़ी परियोजनाएं लॉन्च होंगी, जैसे गुरुग्राम में एक शानदार प्रोजेक्ट और चेन्नई में ऊंची इमारत। मुंबई में ट्राइडेंट के साथ साझेदारी एक बड़ा कदम है, जहां 9-12 महीने में पहली लॉन्चिंग होगी। जोखिम: मुंबई प्रोजेक्ट में देरी और SEZ खालीपन सामान्य होने में समय लग सकता है।
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New Sales Bookings
INR 2,040 Cr
in line with guidance
Q1 FY24 new sales bookings were INR 2,040 crore, consistent with the company's annual guidance of INR 12,000-13,000 crore.
Net Debt
INR 57 Cr
lowest ever
Net debt reduced to INR 57 crore, the lowest ever, approaching net-zero debt status.
Pre-leasing in New Office Complexes
82%
strong demand
Pre-leasing of approximately 82% achieved across DLF Downtown (Gurugram) and DLF Chennai office complexes.
Mumbai Project Sellable Area
3.0-3.5 msf
new market entry
DLF entered Mumbai via a JV with Trident, with total sellable area of 3.0-3.5 million sq ft; first phase of 0.9 msf to launch in 9-12 months.
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Guidance and risk preview
Management maintained its full-year sales booking guidance of INR 12,000-13,000 crore, with major launches planned in H2.
Slum rehabilitation projects in Mumbai are complex and prone to delays; approvals for the sale area are yet to be obtained.
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