DLF to launch projects worth Rs 20k cr, targets sale bookings of Rs 12k cr

The company clocked Rs 8,000 crore from a single luxury housing project "The Arbour" which was launched in Gurugram during the March quarter

Press Trust of India New Delhi

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Realty major DLF Ltd will launch projects worth Rs 19,710 crore for sale by March next year and aims to achieve sale bookings of around Rs 12,000 crore in this fiscal on strong housing demand.

On Friday, DLF reported that its sale bookings jumped more than two-fold to a record Rs 15,058 crore last fiscal from Rs 7,273 crore in the previous year.

The company clocked Rs 8,000 crore from a single luxury housing project "The Arbour" which was launched in Gurugram during the March quarter.

A normalized sale for 2022-23 should really have been in the range of Rs 10,000-11,000 crore. We will still keep our head guided. And we will say that in FY24 we should still be looking at sales guidance of Rs 11,000-12,000 crore, DLF CEO Ashok Tyagi told investors on Saturday in a conference call.

Buoyed by record sale bookings last fiscal, DLF has chalked out an aggressive launch pipeline for 2023-24 at 11.2 million square feet area with an estimated sales revenue potential of Rs 19,710 crore.

The bulk of the projects to be launched this fiscal would be in the housing segment in Delhi-NCR and Chennai.

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Last fiscal, the company launched 10 million square feet worth Rs 14,600 crore.

On Friday, DLF reported a 40 per cent increase in consolidated net profit at Rs 569.60 crore for the quarter ended March as against Rs 405.54 crore in the fourth quarter of 2021-22.

Total income fell to Rs 1,575.70 crore in March quarter of this fiscal year from Rs 1,652.13 crore in the corresponding period of the previous year.

DLF's net profit increased 36 per cent to Rs 2,033.95 crore in the last fiscal from Rs 1,500.32 crore in 2021-22.

Total income declined to Rs 6,012.14 crore in 2022-23 from Rs 6,137.85 crore in the previous year.

On record sale bookings, DLF said, "Our 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 it to remain committed towards scaling up new offerings, the company added.

DLF said it would continue to follow a calibrated approach to bring new products across multiple markets while simultaneously ensuring timely execution of its launched products.

DLF is India's largest realty firm in terms of market capitalisation. It has developed more than 153 real estate projects and developed an area in excess of 330 million square feet.

DLF is primarily engaged in the business of development and sale of residential properties (the Development Business) and the development and leasing of commercial and retail properties (the annuity business).

The group has an annuity portfolio of over 40 million square feet.

The company has 215 million square feet of development potential across residential and commercial segment.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: May 13 2023 | 6:15 PM IST

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