BackDLF raises sales guidance to Rs6,000-6,500 crore in 2021-22
The developer has already achieved Rs4,544 crore of sales between April and December 2021, on the back of high demand for its properties
PremiumBENGALURU : DLF Ltd, the largest real estate firm in the country, has raised its residential sales guidance from ₹4000 crore to ₹6000-6500 crore in 2021-22, a senior executive said.
The developer has already achieved ₹4544 crore of sales between April and December 2021, on the back of high demand for its properties. It expects to clock sales of ₹2000-2500 crore in the ongoing January-March quarter, the third wave of the pandemic notwithstanding, that will push its annual sales up to ₹6500 crore.
“ ₹4000 crore was a cautious guidance. Even after we did ₹2500 crore of sales in the first two quarters, we hadn’t revised the sales guidance because we were unsure of the approval timing of the Midtown project. However, we did about ₹2000 crore of sales in the December quarter and are now sure of ending the year with close to ₹6500 crore of sales," said DLF’s group CFO Vivek Anand said in an analyst call on Wednesday.
DLF recently launched the first phase ‘One Midtown’, a luxury housing project in Moti Nagar, Delhi, and said in January that it sold inventory worth ₹1500 crore. The project is a joint venture development between DLF and Singapore’s GIC. The project has revenue potential of around ₹4000 crore.
DLF has a robust launch pipeline in the medium term of around 35 million sq ft
The company which spent around ₹800-900 crore in terms of construction outflow last year, also expects an expenditure of close to ₹1300-1400 crore in 2022-23, as development activity picks up. While it doesn’t have any plan to buy large ticket land parcels in the months ahead, it will explore suitable opportunities in new property markets, such as Noida.
During the quarter, DLF continued to see continued sales traction for its independent floors, which clocked new sales of ₹600 crore. Its super luxury project ‘Camellias’ in Gurugram also sold 19 units worth ₹580 crore.
Surplus cash generation of ₹764 crore during the quarter resulted in a marked reduction in our net debt which stood at ₹3,220 crore at the end of the quarter," the company said in a release.
DLF Ltd, India’s largest real estate developer, on Monday reported a 15% fall in net profit to ₹379.49 crore for the quarter-ended December, compared to ₹449 crore in the corresponding period a year ago.
Total income during the October-December period grew marginally to ₹1,686.92 crore, from ₹1,668.22 crore in the year-ago period.
DLF's net profit fell on account of a provision of an exceptional item of ₹224.43 crore.
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