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DLF net profit up 62% in Q4 to Rs 921 cr; FY’24 profit up 34% to Rs 2727cr

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DLF Ltd has developed more than 158 real estate projects and developed an area in excess of 340 million sq. ft.

New Delhi: India’s largest realty firm DLF Ltd on Monday reported a 62% increase in its consolidated net profit to Rs 920.71 crore in the quarter ended March on higher income amid strong housing sales.

Its net profit stood at Rs 570.01 crore in the year-ago period.

Total income rose to Rs 2,316.70 crore in the fourth quarter of 2023-24 from Rs 1,575.70 crore in the corresponding period of the previous year, according to a regulatory filing.

During 2023-24, the company’s net profit increased 34% to Rs 2,727.09 crore from Rs 2,035.83 crore in the preceding year.

Total income grew to Rs 6,958.34 crore during the last fiscal from Rs 6,012.14 crore in the 2022-23 financial year.

DLF, the country’s largest real estate firm in terms of market capitalisation, also announced a dividend of Rs 5 each per equity share (250%) of face value of Rs 2 each for the 2023-24 fiscal, subject to approval of the shareholders.

“Subsequent to the quarter, Ashok Kumar Tyagi has been appointed as Chief Financial Officer (CFO) of the company in addition to his existing position as Managing Director. His appointment has been approved by the Board of Directors in their meeting held on May 13, 2024,” the filing said.

“No separate remuneration is proposed to be paid for his additional role as the CFO of the company. Tyagi will continue to hold the additional responsibility until a new CFO is appointed,” it added.

DLF Ltd has developed more than 158 real estate projects and developed an area in excess of 340 million square feet. DLF Group has 215 million square feet of future development potential across residential and commercial segments.

DLF group is primarily engaged in the business of the development and sale of residential properties (development business) and the development and leasing of commercial and retail properties (annuity business). It has an annuity portfolio of over 42 million square feet with an annual rental income of around Rs 4,000 crore.

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