DLF Ltd Reports 62% Jump in Q4 Profit, Seeks Shareholder Approval for Dividend

DLF Ltd reports 62% increase in consolidated net profit to ₹920.71 crore for Q4 2023-24, driven by higher income amid strong housing sales. The company announces ₹5 dividend per equity share for FY 2023-24, subject to shareholder approval.

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DLF Ltd Reports 62% Jump in Q4 Profit, Seeks Shareholder Approval for Dividend

DLF Ltd Reports 62% Jump in Q4 Profit, Seeks Shareholder Approval for Dividend

Realty major DLF Ltd has reported a 62% increase in its consolidated net profit to ₹920.71 crore for the quarter ended March 2024, driven by higher income amid strong housing sales. The company's total income rose to ₹2,316.70 crore in the fourth quarter of the 2023-24 fiscal year, up from ₹1,575.70 crore in the corresponding period of the previous year.

Why this matters: The strong financial performance of DLF Ltd, India's largest real estate firm, is a positive indicator of the country's economic growth and the recovery of the real estate sector. This development is likely to have a ripple effect on the entire industry, influencing consumer confidence and investment decisions.

For the full fiscal year 2023-24, DLF's net profit increased to ₹2,727.09 crore from ₹2,035.83 crore in the preceding year. Total income also grew to ₹6,958.34 crore during the last fiscal, compared to ₹6,012.14 crore in the 2022-23 financial year.

Along with the strong financial results, DLF has announced a dividend of ₹5 per equity share (250% of face value) for FY 2023-24, subject to approval by the company's shareholders. The board of directors recommended this final dividend in a BSE filing, stating: "Recommendation of Dividend of Rs 5/- each per equity share (250 per cent) of the face value of Rs 2/- each for FY 2023-24, subject to the approval of the shareholders."

In other corporate developments, DLF appointed Ashok Kumar Tyagi as the Managing Director of the company effective from February 29, 2024, following the resignation of Vivek Anand. The company also appointed PricewaterhouseCoopers Services LLP as its Internal Auditors for the Financial Year 2024-25.

DLF is India's largest real estate firm by market capitalization, having developed over 158 real estate projects spanning more than 340 million square feet. The DLF Group has a future development potential of 215 million square feet across residential and commercial segments. Its annuity portfolio stands at over 42 million square feet, generating an annual rental income of around ₹4,000 crore.

The strong quarterly results and dividend announcement underscore DLF's robust performance in the real estate sector, driven by the ongoing recovery in housing demand. As the company seeks shareholder approval for the proposed dividend at its upcoming general meeting, it remains well-positioned to capitalize on the growing opportunities in India's dynamic real estate market.

Key Takeaways

  • DLF's Q4 net profit rises 62% to ₹920.71 crore, driven by strong housing sales.
  • Total income increases to ₹2,316.70 crore, up from ₹1,575.70 crore in Q4 2023.
  • DLF announces ₹5 dividend per equity share (250% of face value) for FY 2023-24.
  • Full-year net profit increases to ₹2,727.09 crore, up from ₹2,035.83 crore in FY 2022-23.
  • Total income for FY 2023-24 grows to ₹6,958.34 crore, up from ₹6,012.14 crore in FY 2022-23.