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, reflecting a 23% year-over-year increase and strong operational performance.

• Free operating cash flow exceeded INR 2,500 crore, with operating cash flow at Rs 1,849 crore and net cash position improving to Rs 2,896 crore.

• Rental business in offices and malls remained resilient, with DCCDL segment posting 10% revenue growth, 20% PAT growth, rental income at Rs 1,238 crore, and portfolio occupancy at 93%.

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

Financial highlights

• Quarterly interest earnings on fixed deposits surpassed INR 125 crore.

• Other income was elevated due to an INR 80-90 crore interest from an income tax refund and a INR 75 crore provision reversal.

• Collections, excluding Privana West, were about INR 2,700-2,800 crore.

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

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

Outlook and guidance

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

• Pre-sales guidance of INR 17,000 crore may see upward revision, with strong sales expected from upcoming launches.

• FY25 launch pipeline of Rs 42,000 crore, with 12.8 msf of new products planned and a medium-term plan to launch over Rs 1 lakh crore (36 msf) of new products.

• 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.