DLF (DLF) Q4 24/25 earnings summary

Executive summary

• Achieved record sales bookings of Rs 21,223 crore in FY25, a 44% year-over-year increase, with collections of Rs 11,773 crore and operating cash surplus of Rs 6,221 crore; net profit reached Rs 4,366.82 crore, and ROE was 10.2%.

• Rental portfolio expanded to 45 million sq ft with occupancy at 94% and vacancy at 6%; DCCDL rental income rose 10% year-over-year to Rs 4,754 crore.

• Major projects like Downtown Gurgaon and Downtown Taramani progressed with strong pre-leasing and upcoming completions; successful launches in Privana, Mumbai, and Goa with robust demand.

• Dividend recommended at Rs 6 per share, a 20% year-over-year increase, with steady growth over four years; credit ratings upgraded or outlook revised to positive.

• Net cash position improved to Rs 6,848 crore; strong pre-leasing in new office and retail projects; DLF Home Developers acquired full control of DLF Urban Private Limited.

Financial highlights

• FY25 consolidated revenue at Rs 8,996 crore, up 24% year-over-year; PAT at Rs 4,357 crore, up 59%; Q4FY25 revenue at Rs 3,348 crore, up 46% year-over-year.

• EBITDA for FY25 at Rs 3,111 crore, up 17% year-over-year; gross margin at 48%; embedded gross margins on new sales at 61%.

• Operating cash surplus for FY25 at Rs 6,221 crore, up 128% year-over-year.

• Share of profit in associates and joint ventures for FY25 was Rs 1,672 crore, up from Rs 1,093 crore in FY24.

• Deferred tax includes a reversal of Rs 1,539 crore due to a change in effective tax rate on long-term capital gains.

Outlook and guidance

• Pre-sales guidance for FY2026 is Rs 20,000-22,000 crore, with a strong launch pipeline and over 15% of projects planned for FY26.

• Exit rentals by FY2026 projected at Rs 6,700 crore, with further increases expected in FY2027 as new assets contribute for a full year.

• CapEx for rental business expected to be around Rs 5,000 crore annually for FY2026 and FY2027.

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

• Dividend growth strategy to be sustained, with consistent increases in recent years.