DLF profit jumps 61 pc to Rs 1,059 cr in Q3; posts record pre-sales of Rs 12k cr

New Delhi, Jan 24 (PTI) Real estate major DLF on Friday reported a 61 per cent increase in its consolidated profit to Rs 1,058.73 crore for the quarter ended December while sale bookings hit an all-time high of Rs 12,093 crore driven by its super luxury project 'The Dahlias' in Gurugram.

Its net profit stood at Rs 655.71 crore in the year-ago period.

Total income rose to Rs 1,737.47 crore in the third quarter of this fiscal from Rs 1,643.51 crore in the corresponding period of the preceding year, according to a regulatory filing.

During April-December period of 2024-25 fiscal, the company's net profit rose to Rs 3,084.62 crore from Rs 1,803.71 crore in the year-ago period.

Total income grew to Rs 5,648.12 crore in the first nine months of this fiscal from Rs 4,641.64 crore in the corresponding period of the preceding financial year.

In a statement, DLF said that the company's housing business continues its growth trajectory, delivering record new sales bookings of Rs 12,093 crore during the December quarter.

"Our latest super luxury offering 'The Dahlias' in DLF Phase 5, Gurugram, performed exceptionally well, garnering Rs 11,816 crore of new bookings in the opening (December) quarter," the company said.

Out of 420 total units in this project, DLF sold 173 apartments for Rs 11,816 crore in the December quarter, at an average cost of Rs 68 crore per unit.

In October last year, DLF launched its 17-acre super-luxury housing project 'The Dahlias' at DLF 5, Gurugram. The company is developing around 420 apartments in this project, which is the second ultra-luxury offering from DLF after the successful delivery of 'The Camellias'. The minimum size of an apartment is 10,300 square feet.

DLF will invest around Rs 8,000 crore over the next 4-5 years on the construction of this new project, comprising nearly 50 lakh square feet of area.

The company expects revenue of Rs 26,000 crore at the current launch price. This revenue figure is expected to rise significantly as company will sell units in a phased manner.

DLF said the company has surpassed its annual sale bookings guidance of Rs 17,000 crore for 2024-25 fiscal on account of strong pre-sales in the third quarter.

"New sales bookings for the first nine months of the fiscal year stands at Rs 19,187 crore," the company said.

DLF's share price declined 2.8 per cent on Friday to close at Rs 695.05 apiece on the BSE. The company's market capitalisation stood at Rs 1.72 lakh crore.

On financial front, DLF's net profit increased in the third quarter mainly due to increase in share of profit in associates and joint ventures to Rs 618.33 crore from Rs 279.21 crore.

During the first nine months of 2024-25, the share of profit in associates and joint ventures rose to Rs 1,261.53 crore from Rs 803.42 crore year on year.

In its notes of accounts to the financial statement, DLF said that deferred tax includes reversal of deferred tax liability of Rs 932.76 crore and Rs 1,538.55 crore during the December quarter and nine months ended December 2024, respectively, on account of change in effective tax rate on long-term capital gain.

'Tax relating to earlier years' for the quarter and nine months period ended 31 December 2024 includes Rs 662.29 crore in respect of Income-tax litigations for past assessment years for which the Group has opted to settle under Vivad se Vishwas (VsV) scheme.

Similarly, exceptional items include a sum of Rs 302.39 crore indemnified by the company, pursuant to share purchase and shareholders agreement in respect of the income tax liability being settled in respect of past assessment years by its joint venture company DLF Cyber City Developers Ltd (DCCDL) under VsV scheme, the filing said.

DLF is the country's largest real estate firm in terms of market cap. It has a strong presence in Delhi-NCR and Tamil Nadu markets.

The company has developed more than 185 real estate projects and developed an area more than 352 million square feet since inception. The Group has 220 million square feet of development potential across residential and commercial segment.

The group has an annuity portfolio of over 44 million square feet.

DLF is primarily engaged in the business of development and sale of residential properties (the Development Business) and the development and leasing of commercial and retail properties (the Annuity Business). PTI MJH HVA