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DLF has announced a robust 26.60% upswing in its net consolidated profit for the third quarter of fiscal year 2024, reaching INR 655.71 crore. This marks a substantial increase from the INR 517.94 crore reported in the corresponding quarter of the preceding fiscal year, according to a filing with the Bombay Stock Exchange. The net consolidated total income for the same quarter amounted to INR 1,643.51 crore, reflecting a commendable 5.38% escalation from the INR 1,559.66 crore recorded in the same quarter last year.
During this quarter, the board of directors granted approval for the acquisition of shares in three companies from their existing individual shareholders. These entities, actively involved in real estate development, have executed development agreements with DLF. Furthermore, these companies have received performance deposits and loans. As a result of these transactions, these entities have transferred complete land ownership rights to DLF. This transformative development has resulted in these acquired entities and their six affiliates becoming subsidiary entities of DLF.
The entities in question include Prewitt Builders & Constructions, Berit Builders & Developers, Adoncia Builders & Developers, Amandla Builders & Developers, Murdock Builders & Developers, and Manini Real Estates. In addition to this strategic move, the board has also granted approval for the re-appointment of Priya Paul as an independent director. This renewal is set for a second consecutive term of five years, effective April 1, 2024. Meanwhile, Vivek Anand, the group's chief financial officer, has resigned. However, he will remain with the group until February 29, 2024, as communicated in the regulatory filing.
DLF underscored its stellar performance in the quarter with a substantial quarterly sales booking amounting to INR 9,047 crore. This achievement, considered one of the highest ever, can be attributed to a series of premium and high-margin project launches. The gross margin for the quarter stood at an impressive 56%, with EBITDA reaching INR 633 crore. Furthermore, the company boasts a cash surplus of INR 1,108 crore and a net cash position of INR 1,246 crore at the close of the quarter. For the cumulative nine-month period, new sales bookings reached an impressive INR 13,316 crore, surpassing the full-year guidance of INR 13,000 crore.
In terms of consolidated revenue for Q3 FY24, DLF Cyber City Developers (DCCDL) reported INR 1,476 crore, reflecting a commendable year-on-year growth of 8%. The consolidated profit for the quarter reached INR 434 crore, marking a significant year-on-year growth of 21%. Simultaneously, the board has granted approval for the sale of DLF Centre to DLF Cyber City Developers for INR 825 crore, as disclosed in a regulatory filing. This strategic move further underscores DLF's proactive approach to optimizing its portfolio and capitalizing on lucrative opportunities in the real estate domain.
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