DLF Limited Q4FY25 Result Analysis

DLF is India’s one a leading real estate developer and DLF is primarily engaged in the business of development and sale of residential properties (the “Development Business”) and the development and leasing of commercial and retail properties (the “Annuity Business”). DLF has developed more than 185 real estate projects and developed an area more than 352 million square feet (approx.). DLF Group has 280 msf (approx.) of development potential across residential and commercial segment including current projects under execution and the identified pipeline.

Result Analysis:  DLF Limited  (CMP: Rs. 780)

Result Update: Q4FY25

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Financial Performance:

Shareholding Pattern:

Particulars (In %)	Q4FY25	Q4FY24
Promoter	74.08	74.08
FIIs	16.44	16.67
DIIs	4.72	4.77
Public & Other	4.76	4.48

Management Commentary:

• The company is optimistic about the sustained housing demand for the products and will continue to capitalize on this momentum by introducing calibrated offerings of new products from a strong and well-diversified pipeline.
• It has announced dividend of Rs 6 per share.
• DLF achieved strong success with new product launches. The Dahlias, a super-luxury offering, secured ₹13,744 crore in sales bookings (39% of total potential) in its first year. DLF Privana West saw a complete sell-out worth ₹5,600 crore within few days, even before its official launch.
• The company believes the business is well positioned to capitalize on the ongoing structural upcycle, supported by a substantial land bank with high embedded value, a strong pipeline of offerings across both development and rental segments, the company remain focused on delivering sustainable, profitable growth.

Outlook:

DLF remains optimistic about the continued strength of the real estate sector, driven by sustained housing demand and robust interest in high-quality residential and commercial spaces. With a well-diversified product pipeline, significant land reserves, and a healthy balance sheet, the company is well-positioned to leverage this structural upcycle. Strategic investments in the annuity business, along with the ramp-up of recently completed assets, are expected to drive rental income growth. Supported by consistent cash flows and strong sales performance, DLF will continue to focus on calibrated product launches, operational efficiency, and delivering long-term, profitable growth across its development and annuity businesses. It has posted an EPS of Rs 17.64 in FY25. The stock currently trading at a P/E of 44.21x and P/B of 4.8x.

Results:

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ%	FY25	FY24	YoY%
Sales	3127.58	2134.84	1528.71	46.5	104.6	7993.66	6427	24.4
Other Income	220.19	181.86	208.76	21.1	5.5	1002.23	531.34	88.6
Total Income	3347.77	2316.7	1737.47	44.5	92.7	8995.89	6958.34	29.3
Total Expenditure	2149.59	1380.73	1128.72	55.7	90.4	6187.41	4303.4	43.8
EBIDT	1198.18	935.97	608.75	28	96.8	2808.48	2654.94	5.8
Interest	108.6	97.7	93.9	11.2	15.7	397.2	356.45	11.4
EBDT	1089.58	838.27	212.46	30	412.8	2411.28	2298.49	4.9
Depreciation	36.91	36.68	38.74	0.6	-4.7	150.66	147.95	1.8
EBT	1052.67	801.59	173.72	31.3	506.0	2260.62	2150.54	5.1
Tax	37.52	65.91	553.35	-43.1	-93.2	677	136.09	397.5
Deferred Tax	143.73	105.57	-820.03	36.1	-117.5	-1110.89	384.05	-389.3
PAT	871.42	630.11	440.4	38.3	97.9	2694.51	1630.4	65.3

Source: Company website, EWL Research

 

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