Q1 2025 DLF Ltd Earnings Call Transcript
Key Points
- DLF Ltd (BOM:532868) reported strong presales numbers of INR6,400 crores, driven by the successful launch of Privana West.
- The company achieved a PAT of INR646 crores, reflecting solid financial performance.
- DLF Ltd (BOM:532868) generated over INR2,500 crores of free operating cash flow during the quarter, indicating robust cash flow management.
- The rental business, including offices and malls, continues to show strong performance, supported by significant CapEx investments.
- The company has a healthy pipeline of new launches, including projects in Goa, Mumbai, and additional phases of the Privana family, indicating future growth potential.
- Margins were notably weak when excluding other income, raising concerns about underlying profitability.
- Construction costs are expected to rise significantly in the coming quarters, potentially impacting future margins.
- There is some noise in the market about slower sales in higher ticket size categories, although DLF Ltd (BOM:532868) has not experienced this slowdown.
- The company faces challenges in the SEZ leasing market, with current vacancy rates around 8%, and efforts to reduce this to 6-7% by year-end.
- There are ongoing governmental charges and approval processes for new projects, which could delay launches and increase costs.
Ladies and gentlemen, good day, and welcome to DLF Limited's Q1 FY25 earnings conference call. We have with us today on the call Mr. Ashok Tyagi, Managing Director and CFO, DLF Limited; Mr. Sriram Khattar, Vice Chairman and MD, Rental Business; Mr. Aakash Ohri, Joint Managing Director and Chief Business Officer. [Operator Instructions]
I now hand the conference over to Mr. Ashok Tyagi. Thank you, and over to you, Mr. Tyagi.
Thank you, and good afternoon, everybody. I hope that all of you have had a good opportunity to go through our analyst presentation and our result details.
In all fairness, it was a good quarter. Our presales number was in the range of INR6,400 crores, predominantly headlined by the extremely successful launch of Privana West. Our PAT numbers, obviously, given that they are on the completed contract method and are driven by the possession letters issued, but again, good at INR646 crores. And I think the most heartening number that really
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