DLF Q4 PAT decline 16% YoY to Rs 405 cr

The realty major reported 15.7% fall in consolidated net profit to Rs 405.33 crore on a 9.7% decline in net sales to Rs 1,547.26 crore in Q4 FY22 over Q4 FY21.

Profit before tax stood at Rs 307.30 crore in the fourth quarter, down by 26.5% from Rs 418.15 crore in the same period last year. The company reported a 6.3% decline in total expenditure to Rs 1,179.72 crore in Q4 FY22 over Q4 FY21.

EBITDA stood at Rs 472 crore, reflecting a YoY decrease of 23% due to lower other income as compared to the corresponding period. EBIDTA margin stood at 29% in Q4 FY22 as against 34% in Q4 FY21.

On full year basis, the company reported a 44.9% increase in net profit to Rs 1,663.43 crore on a 5.6% rise in net sales to Rs 5,717.39 crore in FY22 over FY21. EBITDA stood at Rs 2,163 crore, reflecting YoY increase of 11%. Margins improved by 200 bps to 35% in FY22.

DLF said that housing demand continues to exhibit a structural upswing across segments and geographies. Residential business exhibited a record performance in the fiscal with new sales bookings of Rs 7,273 crore, reflecting a YoY growth of 136%.

DLF in its statement highlighted: "We witnessed strong growth across all our segments with luxury segment leading this trend. Our Super Luxury offering - The Camellias, continues to evince strong customer interest and delivered healthy sales bookings of Rs 2,550 crore during the fiscal. Our new product launches across New Delhi, Gurugram and Chennai continue to receive encouraging response from the market vindicating demand for quality products in established locations. The continued momentum further demonstrates rising customer preference towards larger and credible brands with proven track record. New products sales bookings stood at Rs 4,683 crore during the fiscal."

The company added, "We continue to place enhanced focus on surplus cash generation from our operations. Strong collections along with sales ramp-up led to one of the highest levels of surplus cash generation of Rs 2,205 crore during the fiscal. In-line with our business goal of de-risking our balance sheet, we continue to deleverage and consequently our Net Debt at the end of fiscal stood at Rs 2,680 crore, a 46% Y-o-Y reduction."

DLF Cyber City Developers, the rental arm of the company, continues its steady path to recovery. Office occupancy is gradually recovering and stood at 88% at the fiscal end. Retail business continued a strong rebound during the fiscal.

The rental income grew 10% YoY; supported by 67% rebound in retail income. Consolidated Revenue of Rs 4,533 crore as compared to Rs 4,385 crore last year, reflecting a 3% YoY growth. EBITDA stood at Rs 3,488 crore as compared to Rs 3,417 crore last year, YoY growth of 2% Net profit stood at Rs 1,002 crore, reflecting a YoY growth of 10%.

The office business delivered strong collections at 100%. We continue to witness a gradual ramp up in return of occupiers to their workplaces and expect these trends to further improve in the next few months, the company stated.

Meanwhile, the board of directors of the company has recommended final dividend of Rs 3 per equity share, for the financial year ended 31 March 2022.

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).

Shares of DLF shed 0.16% to Rs 333.60 on the BSE.

Powered by Capital Market - Live News