DLF's FY24 sales bookings down 2% to Rs 14,778 crore

New Delhi: India's largest realty firm DLF's sales bookings declined 2 per cent annually to Rs 14,778 crore during the last fiscal year due to a subdued March quarter, which did not see any major project launch despite strong housing demand.

Its sales bookings stood at record Rs 15,058 crore in the preceding year.

According to an investors presentation, DLF's sales bookings in the fourth quarter of the 2023-24 fiscal fell to Rs 1,462 crore from Rs 8,458 crore in the year-ago period as it did not launch any big projects for sale.

Giving details about sales in the last fiscal, DLF said that 82 per cent contribution came from new launches.

Out of the total sales bookings, its luxury housing project 'DLF Privana South' at Sector 76/77, Gurugram contributed Rs 7,200 crore.

The company achieved a sales bookings of around Rs 1,200 crore from Chandigarh Tri-city.

It also sold commercial SCOs(Shop-com-office) for about Rs 1,240 crore.

Independent floors in Gurugram were sold for Rs 1,215 crore.

"Sustained demand momentum for completed inventory," DLF said, adding that sales worth Rs 1,580 crore were -clocked in its ultra-luxury project "The Camellias".

DLF also sold a land parcel in Chennai for Rs 735 crore.

To sustain and grow its sales, DLF has given aggressive guidance for launches in the current 2024-25 fiscal.

"The demand momentum in the residential segment is expected to stay strong and consequently we remain focused on bringing a calibrated supply across multiple micro markets," the company said.

DLF plans to launch 11.6 million square feet of new products during FY25 mainly in Gurugram, Mumbai, Goa and Chandigarh Tri-city.

The estimated sales potential of these launches is approximately Rs 36,000 crore, of which over Rs 33,000 crore would be in the luxury housing segment.

During 2023-24, the company launched 5.9 million square feet of area worth Rs 9,870 crore.

On Monday, DLF reported a 62 per cent increase in its consolidated net profit to Rs 920.71 crore in the quarter ended March on higher income amid strong housing sales.

Its net profit stood at Rs 570.01 crore in the year-ago period. Total income rose to Rs 2,316.70 crore in the fourth quarter of the 2023-24 fiscal from Rs 1,575.70 crore in the corresponding period of the previous year, according to a regulatory filing.

During the 2023-24 fiscal, the company's net profit increased to Rs 2,727.09 crore from Rs 2,035.83 crore in the preceding year.

Total income grew to Rs 6,958.34 crore during the last fiscal from Rs 6,012.14 crore in the 2022-23 financial year.

DLF is the country's largest real estate firm in terms of market capitalisation.

It has developed more than 158 real estate projects and developed an area in excess of 340 million square feet.

DLF Group has 215 million square feet of future development potential across residential and commercial segments.

DLF group is primarily engaged in the business of the development and sale of residential properties (development business) and the development and leasing of commercial and retail properties (annuity business). It has an annuity portfolio of over 44 million square feet with an annual rental income of more than Rs 4,000 crore.