Can I have your quick view on the quarterly numbers announced by DLF Ltd for the March 2022 quarter?
Answer
Answer
DLF Ltd, one of India’s leading real estate companies, saw net profits fall by -13.35% to Rs1,652 crore in Q4FY22. FY22 full year sales increased by 3.25% at Rs6,138 crore. DLF saw retail housing demand in a secular upswing. New sales bookings in FY22 were up 136% at Rs7,273 crore. However, the Omicron scare led to large scale realty shutdowns in projects. Above a third of the sales was accounted for by the super luxury offerings of DLF. The core office leasing business also saw occupancy up 88% and showing collections of 100% in FY22.
DLF Ltd
Rs in Crore
Mar-22
Mar-21
YOY
Dec-21
QOQ
Total Income (Rs cr)
₹ 1,652.13
₹ 1,906.59
-13.35%
₹ 1,686.92
-2.06%
Net Profit (Rs cr)
₹ 405.33
₹ 480.94
-15.72%
₹ 379.48
6.81%
Diluted EPS (Rs)
₹ 1.64
₹ 1.94
₹ 1.53
Net Margins
24.53%
25.23%
22.50%
Net profit for Q4FY22 fell -15.7% at Rs405.33 crore, but interestingly, the EBITDA grew by 23% for the quarter at Rs472 crore. There was a 200 bps expansion in EBITDA margins. The board of DLF recommended a final dividend of Rs3 per share while the cash flows doubled in FY22 compared to FY21. Leasing yields are yet to pick up fully on the office leasing side of the business. Net margins for Q4FY22 stood at 24.53% as compared to 25.23% in Q4FY21. However, the net profit margins were higher compared to 22.5% in Q3FY22.