DLF sales bookings double to Rs 13,316 cr in April-December on high demand
After Gurugram, Delhi and Chandigarh, DLF has the highest land bank of around 12 million sq ft in Chennai
Real estate major DLF Ltd’s sales bookings rose twice a year to Rs 13,316 crore during the first nine months of this fiscal, mainly due to high demand for its luxury properties in Gurugram.
During the April-December period of the previous fiscal, the company’s sales bookings stood at Rs 6,599 crore.
In the 2022-23 fiscal, DLF’s sales bookings were a little over Rs 15,000 crore and are likely to post higher figures in the current fiscal.
On Wednesday, the company reported a more than three-fold increase in revenue to Rs 9,047 crore in the December quarter, compared to Rs 2,507 crore in the same period a year ago.
This is the highest quarterly turnover the company has achieved.
The record sales bookings in the third quarter were mainly due to the sale of 1,113 luxury apartments in Gurugram for Rs 7,200 crore within three days of its pre-launch last month.
In the third quarter of 2023-24, DLF launched three new projects – two in Gurugram and one in Panchkula – totaling over 5 million square feet.
DLF said there was healthy demand and both projects in Gurugram were completely sold out in record time.
“With this strong performance, new sales bookings for the nine-month period stood at Rs 13,316 crore and will therefore comfortably exceed our expectations for the full year,” the company said.
DLF has reported a 27 per cent rise in consolidated net profit to Rs 655.71 crore in the December quarter, boosted by higher revenues and lower costs.
Profit stood at Rs 517.94 crore in the year-ago period.
Total consolidated income rose to Rs 1,643.51 crore in the third quarter of the current fiscal, compared to Rs 1,559.66 crore in the same period a year ago.
DLF’s total expenditure fell to Rs 1,131.97 crore in the December quarter, compared to Rs 1,151.62 crore in the year-ago period.
DLF is India’s largest real estate company in terms of market capitalization.
DLF Group has 215 million m² of development potential in the residential and commercial segments. The group has an annuity portfolio of more than 42 million square meters.
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First print: January 25, 2024 | 1:33 PM IST