Real estate major DLF Ltd. reported a 69% year-on-year decline in its new sales bookings during the second quarter of the current fiscal on account of delay seen in approvals for new product launches.
"Moderation (was seen) in sales on account of delay in receiving requisite approvals for New Product launches…", the company disclosed in its investor presentation for Q2 earnings.
The company's new sales bookings were just Rs.692 crore in Q2, against Rs.2,228 crore seen in second quarter of FY24.
Meanwhile, the company reported total collections worth Rs.2,370 crore, while operating cashflows were at Rs 1,211 crore in the second quarter.
However, robust performance in Q1 resulted in overall higher new bookings during the first half of the current fiscal. DLF's sales bookings jumped over three-fold to around Rs 6,404 crore during the first quarter of this fiscal from Rs 2,040 crore in the year-ago period.
Consequently, DLF's new sales bookings in the first half surged 66% to Rs.7,094 crore from Rs.4,268 crore reported in the first half of FY24.
On Friday, DLF reported an over two-fold increase in its consolidated net profit seen during the second quarter, which was at Rs 1,381.22 crore.
Revenue from operations advanced 47% on a yearly basis to Rs 1,975 crore during the July-September quarter.
"We remain on track to meet our guidance for the full fiscal," DLF said. The company has given guidance to sell properties worth Rs 17,000 crore in the full fiscal.
As per the company, DLF already has total planned launches worth Rs.41,000 crore for the current fiscal, with maximum launches worth Rs.27,500 crore planned in the super luxury segment.
Post FY25, the company sees potential launches worth Rs.63,500 in the medium term, according to its investor presentation.
DLF also shared that the outlook for the residential segment remains strong , while its rental business continues to show steady performance.
On Friday, shares of DLF Ltd. closed 2.96% lower at Rs.777.70 on the National Stock Exchange.
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