DLF (DLF) Q3 24/25 earnings summary

Executive summary

• Achieved record pre-sales/new sales bookings of over INR 12,093 crore in Q3 FY25, driven by strong demand for the Dahlias project and robust performance in both development and rental businesses.

• Consolidated net profit for Q3 FY25 reached INR 1,058.73 crore, up from INR 655.71 crore in Q3 FY24, with PAT growth supported by tax reversals and one-time gains.

• Net cash position increased to INR 4,534 crore, with healthy cash flows and a net cash positive status.

• Most key operational and financial targets set over the past 2-3 years have been met, including sales, PAT, cash flow, margins, and rental business growth.

• Major tax provisions and settlements under Vivad Se Vishwas extinguished over INR 2,000 crores of contingent liabilities.

Financial highlights

• Q3 FY25 revenue from operations was INR 1,528.71 crore, with consolidated revenue at INR 1,738 crore, up 6% YoY.

• Q3 FY25 gross margin at 52%; EBITDA at INR 609 crore; operating cash surplus at INR 1,850 crore.

• Collections from sales in Q3 FY25 at INR 3,116 crore.

• DCCDL (rental business) reported Q3 FY25 revenue of INR 1,609 crore (up 9% YoY) and PAT of INR 941 crore (up 117% YoY, including one-time gain).

• Earnings per share (EPS) for Q3 FY25 was INR 4.28, up from INR 2.65 in Q3 FY24.

Outlook and guidance

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

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

• Rental portfolio expected to double in the next 4-5 years through organic growth and new developments.

• Management believes provisions for ongoing legal disputes and tax matters are adequate, with a strong likelihood of favorable outcomes.

• Rental income guidance for FY26: INR 6,300-6,350 crores in DCCDL and about INR 800 crores in DLF.