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View Promises →DLF Limited — Q2 FY24
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.
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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.
DLF ने दूसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कुल कमाई 1,476 करोड़ रुपये रही। कमाई में पिछले साल के मुकाबले 19% का इज़ाफा हुआ। मुनाफा 629 करोड़ रुपये रहा, जो पिछले साल से 29% ज़्यादा है। कंपनी के पास अब कर्ज नहीं है, बल्कि 142 करोड़ रुपये नकद हैं। नई बिक्री 2,228 करोड़ रुपये की हुई, जो लक्ज़री घरों की मांग से आई। कैमेलियस प्रोजेक्ट में घरों की कीमत 75,000 रुपये प्रति वर्ग फुट से ऊपर रही। किराए के कारोबार में 7% बढ़ोतरी हुई। कंपनी को इस साल 13,000 करोड़ रुपये से ज़्यादा की बिक्री की उम्मीद है। लेकिन नए प्रोजेक्ट में देरी और तुलसीवाड़ी प्रोजेक्ट पर कानूनी अनिश्चितता जोखिम हैं।
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Tulsiwadi legal dispute
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Read Transcript →Quarter Snapshot
New Sales Bookings
INR 2,228 crore
+11% YoY
Q2 FY24 new sales bookings, in line with guidance, driven by strong demand in luxury segment.
Office Occupancy (DCCDL)
91%
+3pp QoQ
Overall office occupancy improved from 88% in Q1, with non-SEZ at 97% and SEZ at 85%.
Net Cash Position
INR 142 crore
Net debt zero achieved
Post dividend payout of INR 990 crore, DLF achieved net cash position, a key milestone.
Pre-leasing of New Office Complexes
89%
N/A
Pre-leasing achieved across DLF Downtown Gurugram and Chennai, indicating strong demand.
What Changed vs Last Quarter
NEW
Construction spend of ~INR 1,700 crore in FY24
Annual construction spend expected to increase ~40% YoY to INR 1,700 crore, with higher outflow in H2.
NEW
New launches in H2 FY24: Privana (Q3), DLF 5 (Q4/Q1 FY25), Andheri (by June 2024)
Approvals on track for key launches; DLF 5 super-luxury project expected in Q4 FY24 or Q1 FY25.
NEW
DCCDL to continue two dividends per year
Rental arm DCCDL will maintain its dividend cycle, with interim dividend declared post H1 results.
UPDATED
FY24 sales guidance raised to INR 13,000 crore+
Management upgraded sales guidance from INR 12,000-13,000 crore to INR 13,000 crore+, citing strong demand and pipeline.
DROPPED
Gross margin to remain above 50%
Management guided that gross margins will stay above 50% for the current year, despite quarterly fluctuations due to product mix.
DROPPED
Rental exit run rate of INR 5,000 crore by March 2024
Based on March 2024 quarter exit, rental run rate is expected to reach INR 5,000 crore, rising to INR 5,600-5,700 crore by March 2025.
DROPPED
Mumbai project first launch within 12 months
The first phase of the Mumbai project (0.9 msf) is expected to launch within 12 months, possibly within this fiscal year.
NEW RISK
Potential delay in DLF 5 launch
Management acknowledged DLF 5 launch could slip to Q1 FY25, though sales guidance remains unaffected.
NEW RISK
Interest rate sensitivity for REIT monetization
Management indicated REIT listing is a few quarters away, dependent on benign interest rate scenario, which is uncertain.
NEW RISK
SEZ vacancy and denotification risk
SEZ occupancy at 85% with 14-15% vacancy; floor-wise denotification awaited from Ministry of Commerce, which may not materialize as expected.
RISK GONE
Mumbai project execution and approval delays
Slum rehabilitation projects in Mumbai are complex and prone to delays; approvals for the sale area are yet to be obtained.
RISK GONE
SEZ vacancy normalization dependent on government notification
SEZ vacancy increased due to a large tenant vacating; recovery hinges on floor-wise denotification notification, timing uncertain.
RISK GONE
Cash trapped in RERA accounts
A large portion of surplus cash is locked in RERA accounts and cannot be freely deployed for growth or dividends.
Fast read
Guidance and risk preview
Management upgraded sales guidance from INR 12,000-13,000 crore to INR 13,000 crore+, citing strong demand and pipeline.
The Tulsiwadi project is mired in legal issues with shares in suspended animation; management is confident of no financial loss but outcome uncertain.
View Risks →