DLF Limited, announced its Q3FY23 results today. Strong business momentum exhibited across all parameters. The residential business delivered a strong performance and clocked one of the highest quarterly new sales bookings of Rs 2,507 crore, reflecting a Y-o-Y growth of 24%. Cumulative new sales for 9MFY23 stand at Rs 6,599 crore, reflecting a Y-o-Y growth of 45%.
The luxury offering – The Grove at DLF5, Gurugram, stands completely sold-out reaffirming demand for quality offerings at established locations. Sales bookings during the quarter for this product stood at Rs 1,570 crore. The second phase of our recently launched product-The Valley Gardens in Panchkula, echoed customer confidence towards our product offerings in that geography, clocking in sales bookings of Rs 540 crore during the quarter.
DLF remains enthusiastic about the housing industry's intrinsic growth potential which continues to be supported by a resilient economy. Its focus remains on creating customer-centric products that provide a distinctive living experience with best-in-class amenities across our established ecosystems. It continues to work towards further deleveraging and consequently our Net Debt decreased to Rs 2,091 crore at the end of the quarter.
Financial Highlights for Q3FY23 – DLF Cyber City Developers Limited (Consolidated). The office portfolio continues its gradual path to recovery. Strong momentum across the retail business continues. The rental income grew to Rs 1,003 crore, Y-o-Y growth of 15%; The consolidated revenue of Rs 1,363 crore as compared to Rs 1,176 crore last year, reflecting a 16% Y-o-Y growth. The EBITDA stood at Rs 1,061 crore, Y-o-Y growth of 16%. The net profit at Rs 358 crore, reflecting a Y-o-Y growth of 27%.
Occupiers’ attendance across the portfolio continues to inch upwards with gradual recovery across the office segment. While global headwinds continue to persist leading to a challenging environment, it expects demand for quality office assets at established locations should continue to garner interest of large occupiers.
New development across DLF Downtown, Gurugram and Chennai remains on track. Planning for our upcoming retail destination, Mall of India at Gurugram is in advanced stages. The retail business continues to exhibit healthy growth. Consumption trends continue to reflect sustained momentum with sales delivering consistent growth leading to a healthy retail business outlook. DLF remains well positioned to achieve our business objectives, which are strongly supported by continued housing demand, quality offerings and a healthy balance sheet.
