DLF Limited announced its Q4 & FY23 results. The business delivered record performance across all key parameters. The Q4FY23 – DLF Limited Consolidated Revenue stood at Rs 1,576 crore. The gross margins at 57%. The EBITDA stood at Rs 518 crore. The net profit at Rs 581 crore, reflecting Y-o-Y growth of 40%. The consolidated revenue stood at Rs 6,012 crore. The gross margins at 57%. The EBITDA stood at Rs 2,043 crore. The net profit stood at Rs 2,053 crore, reflecting Y-o-Y growth of 36%. The Board of Directors have recommended a dividend of Rs 4 per share, subject to approval of the shareholders.
The residential business delivered a record performance by clocking new sales bookings of Rs 8,458 crore, reflecting a Y-o-Y growth of 210%. Cumulative new sales for the fiscal stood at Rs 15,058 crore, record annual sales bookings.
The Arbour at Sector 63, Gurugram, created a new benchmark in residential sales by setting a record of being entirely sold out during the pre-formal launch phase garnering new sales bookings of Rs 8,000 + crore. The success of this product stands as a testament of the immense faith that our customers have reposed towards our brand and a strong endorsement towards an aspirational lifestyle.
The offerings across multiple geographies continue to be the preferred choice of customers enabling healthy growth in our business. The residential upcycle along with rising demand for luxury segment enthuses us to remain committed towards scaling up new offerings. The company continues to follow a calibrated approach to bring new products across multiple markets while simultaneously ensuring timely execution of our launched products.
The strong business performance led to a healthy surplus cash generation enabling significant strengthening of balance sheet. Consequently, the net debt now stands reduced to Rs 721 crore, one of the lowest levels. Further to this strong performance, our credit rating was upgraded to CRISIL AA/Stable outlook and ICRA AA/Stable outlook.
The office portfolio remained steady and continues its path to normalcy. The retail business exhibited strong demand momentum. FY23 Consolidated revenue of DLF Cyber City Developers Limited grew to Rs 5,419 crore, reflecting y-o-y growth of 19%; consolidated profit for the year stood at Rs 1,429 crore, a y-o-y growth of 43%.
The recovery across office segment remains gradual on account of continued global macro headwinds. While such headwinds continue to impact decision making in the short term, the company believes that India would continue to be the preferred destination for global captives and large occupiers.
The occupancy of the existing portfolio remained steady; however, witnessing healthy demand traction for newer developments indicating a clear shift by large occupiers towards quality workplaces offering enhanced safety, engaging experience, and an integrated sustainable ecosystem. With this backdrop, it continues to invest in new developments across DLF Downtown, Gurugram and Chennai and are implementing asset enhancement strategies across our existing portfolio as well.
The retail business continues to operate at high occupancy levels and deliver healthy growth. Footfall levels are now reaching the pre-pandemic level, with consumption trends showing buoyancy. It expects sustained momentum for quality retail destinations and hence continue with the expansion plans in this segment across multiple markets. It continues to work extensively towards our upcoming retail destination, Mall of India at Gurugram for which planning is in advanced stages.
The company continues to maintain a positive outlook towards both our businesses and remain committed to deliver consistent and profitable growth by bringing quality new offerings across multiple markets. The business, backed by a strong balance sheet and healthy cash flows, remains well poised to deliver across all parameters.
