DLF (DLF) Q1 24/25 earnings summary

Executive summary

• Pre-sales reached INR 6,404 crore in Q1FY25, a 214% year-over-year increase, led by successful launches like Privana West and The Camellias, with strong demand across residential and commercial segments.

• PAT stood at INR 646 crore, up 23% year-over-year, reflecting strong operational performance.

• Free operating cash flow exceeded INR 2,500 crore, with net cash position improving to INR 2,896 crore.

• DCCDL segment posted 10% revenue growth and 20% PAT growth, with rental income at INR 1,238 crore and portfolio occupancy at 93%.

• Consolidated revenue from operations for Q1 FY25 was INR 1,362.35 crore, with total income at INR 1,729.82 crore.

Financial highlights

• Q1FY25 revenue was INR 1,730 crore (up 14% year-over-year); PAT: INR 646 crore (up 23% year-over-year).

• Gross margin at 51% and EBITDA margin at 34% in Q1FY25.

• Other income was elevated due to interest from large cash balances and a significant income tax refund (INR 80–90 crore interest on INR 550–600 crore refund).

• A provision reversal of INR 75 crore from an old arbitration award contributed to other income.

• Earnings per share (consolidated, basic and diluted) for Q1 FY25 stood at INR 2.61.

Outlook and guidance

• FY25 launch pipeline of INR 42,000 crore, with 12.8 million sq ft of new products planned.

• Pre-sales guidance of INR 17,000 crore may see upward bias, with 90%+ sales expected on most launches.

• Construction outflows are expected to exceed INR 800 crore per quarter from Q3 as new projects ramp up.

• Quarterly collections projected to remain in the INR 2,900–3,000 crore range for the next two quarters.

• The group is evaluating the impact of amendments proposed through the Finance Bill 2024.