DLF confident of meeting sales targets despite Q2FY25 dip in bookings, says CEO

2024-10-28 02:53:07

On October 25, DLF Ltd reported a substantial 121% year-on-year increase in consolidated net profit, reaching Rs 1,387 crore for the quarter ending September 30, 2024, compared to Rs 628 crore in the same period last year, as per a regulatory filing. 

Despite a dip in sales bookings in Q2FY25, the listed real estate giant remains confident about meeting its annual sales guidance. CEO Ashok Tyagi highlighted that the residential sector outlook is robust, and the development business continues to show steady performance. Sales bookings fell to Rs 692 crore this quarter, primarily due to delayed approvals for new project launches.

Tyagi affirmed, "We are strongly positioned to achieve our Rs 17,000 crore sales target for this fiscal year," adding that DLF has a solid sales pipeline and an active rental business. Approvals for their super-luxury project, The Dahlias at DLF 5 in Gurugram, were received early this quarter, and launches in Mumbai, Goa, and the next phase of Privana in Gurugram are progressing with approvals in advanced stages.

Joint MD and Chief Business Officer, Akash Ohri, noted that The Dahlias is expected to formally launch soon. He remarked on the rising demand for luxury housing, stating, “The Dahlias is among the largest and finest luxury projects in the country.” The project has already received positive interest through a soft launch, and sales are expected in Q3FY25. 

DLF has posted a 66% increase in cumulative sales bookings for the first half of FY25, reaching Rs 7,094 crore from Rs 4,268 crore the previous year. Additionally, consolidated revenue rose by 48% year-on-year to Rs 2,181 crore for the July-September quarter, up from Rs 1,476.42 crore in Q2FY24.