DLF (DLF) Q4 24/25 earnings summary

Executive summary

• Achieved record sales bookings of INR 21,223 crore in FY25, a 44% year-over-year increase, with collections of INR 11,773 crore and operating cash surplus of INR 6,221 crore.

• Net profit for FY25 reached INR 4,366.82 crore, the highest in recent years, with ROE at 10.2%.

• Rental portfolio expanded to 45 million sq ft, with operational occupancy at 94% and vacancy rates reduced to 6%.

• Dividend recommended at INR 6 per share, a 20% year-over-year increase, with credit ratings upgraded or outlook revised to positive.

• Net cash position improved to INR 6,848 crore, with strong pre-leasing in new office and retail projects.

Financial highlights

• FY25 consolidated revenue at INR 8,996 crore, up 24% year-over-year; PAT at INR 4,357 crore, up 59%.

• Q4FY25 revenue at INR 3,348 crore, up 46% year-over-year; PAT at INR 1,268 crore, up 37%.

• EBITDA for FY25 at INR 3,111 crore, up 17% year-over-year; gross margin at 48%.

• Free cash flow for FY25 was INR 6,200 crore, with a quarterly run rate of INR 1,500 crore.

• Net cash generated from operating activities for FY25 was INR 5,235.24 crore, compared to INR 2,538.82 crore in FY24.

Outlook and guidance

• Pre-sales guidance for FY26 set at INR 20,000-22,000 crore, maintaining strong levels.

• Surplus cash potential from launched products estimated at INR 43,650 crore as of March 2025.

• Dividend growth strategy to be sustained, with both inflow and outflow from rental business increasing.

• ROE target to move from low double digits to mid-teens over the next few years.

• CRISIL and ICRA reaffirmed long-term rating as AA with a revised outlook to "Positive".