Earnings | DLF Ltd (NSE:DLF): Q3FY23 Results Out; Total Income fell 7% YoY

DLF Ltd (NSE:DLF) is a real estate company in India that develops residential, commercial, and retail properties. The company is one of the largest real estate developers in India, and is headquartered in New Delhi. DLF has a presence in over 15 states across India and has completed more than 30 million sq. ft. of residential and commercial properties. It is also involved in the development of infrastructure and hospitality projects.

DLF Ltd, reported a net profit of Rs 519.21 crore for Q3 FY23, up by 36.8% YoY. The increase is primarily due to the exceptional item of Rs 224.43 crore reported in the year-ago quarter. Profit before exceptional items, tax, share of profit in associates and joint ventures was Rs 408 crore in Q3FY23, down compared to Rs 475.66 crore in the year-ago period. DLF’s total income during the quarter fell to Rs 1,560 crore compared to Rs 1,687 crore in the corresponding period last year. Revenue from operations at Rs 1,494.80 crore was about 3.5% lower than Rs 1,549.70 crore in the year-ago quarter. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) at Rs 542 crore in Q3 was down 17.7% YoY compared to Rs 658.34 crore for the same period last year.

DLF’s residential business saw strong business momentum with quarterly new sales bookings of Rs 2,507 crore, reflecting a YoY growth of 24%. Cumulative new sales for the first nine months of FY23 stood at Rs 6,599 crore, reflecting a YoY growth of 45%. DLF Cyber City Developers, the rental arm of DLF, reported a net profit of Rs 358 crore, reflecting a YoY growth of 27%. Rental income grew 15% YoY to Rs 1,003 crore, while consolidated revenue of the rental arm stood at Rs 1,363 crore for Q3 FY23 compared to Rs 1,176 crore last year. DLF’s net debt stood at Rs 2,091 crore at the end of Q3 compared to Rs 2,142 crore in Q2, FY23.