DLF (DLF) Q3 24/25 earnings summary

Executive summary

• Achieved record new sales bookings of Rs 12,093 crore in Q3FY25, up from Rs 9,047 crore in Q3FY24, with nine-month bookings at Rs 19,187 crore, surpassing full-year guidance.

• Consolidated Q3FY25 net profit reached Rs 1,058.73 crore, up 63% YoY, with nine-month profit at Rs 3,084.62 crore, driven by higher income and significant tax reversals.

• Net cash position increased to Rs 4,534 crore, supporting ongoing CapEx and land acquisitions, while maintaining a net cash positive status.

• The Dahlias super-luxury project set a record with Rs 11,816 crore in sales over 9 weeks, exceeding internal targets and achieving benchmark pricing.

• Appointment of Mr. Badal Bagri as Group CFO in December 2024 to strengthen financial controls.

Financial highlights

• Q3FY25 revenue from operations was Rs 1,528.71 crore, with consolidated revenue at Rs 1,738 crore, up 6% YoY.

• Q3FY25 gross margin at 52% and EBITDA at Rs 609 crore; operating cash surplus for Q3FY25 at Rs 1,850 crore.

• Total cash balance stands at Rs 4,534 crore as of Q3, with collections from sales at Rs 3,116 crore.

• DCCDL reported Q3FY25 revenue of Rs 1,609 crore (up 9% YoY) and PAT of Rs 941 crore (up 117% YoY, including one-time gain from IT Park sale).

• Provision of Rs 900 crore made for legacy SEZ tax liabilities under Vivad Se Vishwas, extinguishing over Rs 2,000 crore of contingent liabilities.

Outlook and guidance

• Strong pipeline of new product launches, with over Rs 1.1 lakh crore (37 msf) planned in the medium term.

• No immediate plans for monetization of rental or development assets; focus remains on operating and growth, with a major CapEx cycle underway.

• FY26 rental income guidance: DCCDL at Rs 6,300–6,350 crore, DLF at Rs 800 crore; rental portfolio expected to double in 4–5 years.

• Targeting double-digit PAT growth annually and steady improvement in shareholder returns and ROE.

• Mumbai and Goa launches are pending regulatory approvals, with Mumbai expected to launch first.