DLF Q1 Results: Profit Rises 12%, Revenue Falls Missing Estimates
The company's consolidated net profit rose 12% year-on-year to Rs 527 crore for the quarter ended June.
Real estate major DLF Ltd. reported a rise in profit for the first quarter of fiscal 2024.
The company's consolidated net profit grew 12% year-on-year to Rs 527 crore for the quarter ended June, as compared with Rs 469 crore in the same quarter a year ago, according to its exchange filing. Analysts polled by Bloomberg had estimated a net profit of Rs 617 crore.
The real estate company's revenue from operations fell marginally by 1% to Rs 1,423 crore, as against Rs 1,442 crore a year ago. That compares with the Rs 1,612 crore consensus estimate of analysts tracked by Bloomberg.
The Gurugram-based company's other income rose about 32% to Rs 98 crore during Q1 of FY24, from Rs 74 crore in the corresponding quarter of the previous fiscal.
DLF Q4 Results (Year-on-Year)
Net profit up 12% to Rs 527 crore, as compared with Rs 469 crore.
Revenue down 1% to Rs 1,423 crore as against Rs 1,442 crore.
Ebitda falls 4% to Rs 396 crore versus Rs 413 crore.
Ebitda margin at 27.8% versus 28.6%.
Other Highlights
New sales bookings for the quarter stood at Rs 2,040 crore, the company said. "We remain optimistic about the demand for housing, as the cycle continues to remain positive. We are gearing up for bringing new products into the markets during the fiscal. We believe that macro tailwinds along with the strong demand outlook augur well for our business," it said in a statement.
The company continues to focus on strengthening its balance sheet and cash generation, it said. Strong collections led to a further reduction in net debt during the quarter. Consequently, it now stands reduced to the lowest ever at Rs 57 crore.
DLF will sell 49% stake of its unit, Pegeen Builders, to Trident, it said in a separate filing. The unit will develop Trident's Mumbai slum project's first phase.
"DLF Home Developers Ltd., a wholly-owned subsidiary, has executed a Securities Subscription and Shareholders’ Agreement, pursuant to which its wholly-owned subsidiary i.e. Pegeen Builders and Developers Pvt. (‘Pegeen’) would allot 9,800 equity shares of face value of Rs 10 per share at par to Trident Buildtech Pvt.," the company said.
After allotment, DHDL will hold 51% equity share capital of Pegeen. Trident, through its wholly-owned subsidiary Sahyog Homes Ltd., is presently developing a slum rehabilitation project in Andheri. Pegeen has also agreed to enter a development agreement with SHL to develop the first phase of the project.
Shares of DLF closed 0.7% lower at Rs 500.8 apiece on Friday, as compared with a 1.3% fall in the benchmark Sensex.
