Shares of DLF hit a multi-year high of Rs 456.50 after the firm reported a 40% year-on-year (YoY) rise in consolidated net profit, down 5% on the BSE in Monday’s intraday trade after reporting 40% year-on-year growth in consolidated net profit at Rs 581 crore for the January-March quarter (Q4FY23), driven by solid margins and revenue mix. However, the revenue declined by 6% to Rs 1,576 crore.

The stock was trading at its highest level since October 2009. The stock has outperformed the market by 21% so far in 2023, compared with the S&P BSE Sensex’s gain of 1.9%.

DLF said its residential business delivered record performance with new sales bookings at Rs 8,458 crore, up 210% year-on-year.

The company reported bookings at Rs 15,058 crore in FY23, doubling year-on-year, driven by major launches in the tri-city of Gurgaon and Chandigarh, which accounted for 80% of total sales. Around 10msf of projects were initiated across the company in FY23. Led by a strong launch pipeline, the company guided for pre-sales of Rs 1,200 crore in FY24 compared to Rs 10,000-11,000 crore in FY23.

Strong business performance has resulted in healthy surplus cash, significantly strengthening the company’s balance sheet. Net debt is now down to Rs 721 crore, one of the lowest levels.