Track2Realty: DLF lost 2.85% to Rs 246.70 at 11:09 IST on BSE after the company after market hours on Thursday, 14 February 2013, reported weak Q3 December 2012 results at operational level.
The company announced Q3 results after market hours on Thursday, 14 February 2013.
Meanwhile, the BSE Sensex was down 62.81 points or 0.32% at 19,434.37.
On BSE, 2.76 lakh shares were traded in the counter as against average daily volume of 8.57 lakh shares in the past one quarter.
The stock hit a high of Rs 249.75 and a low of Rs 245.05 so far during the day. The stock had hit a 52-week high of Rs 279.40 on 31 January 2013. The stock had hit a 52-week low of Rs 169.55 on 4 June 2012.
The stock had outperformed the market over the past one month till 14 February 2013, rising 2.48% compared with the Sensex’s 2.06% fall. The scrip had also outperformed the market in past one quarter, surging 25.25% as against Sensex’s 4.72% rise.
India’s biggest real estate firm by market capitalisation has equity capital of Rs 339.73 crore. Face value per share is Rs 2.
DLF’s consolidated net profit rose 10.46% to Rs 285 crore on 4% fall in revenue to Rs 2291 crore in Q3 December 2012 over Q3 December 2011. Earnings before interest, taxation, depreciation and amortization (EBITDA) dropped 10% to Rs 1068 crore in Q3 December 2012 over Q3 December 2011. On sequential basis, DLF’s net profit jumped 105.03% to Rs 285 crore on 6% growth in revenue to Rs 2291 crore in Q3 December 2012 over Q2 September 2012. EBITDA jumped 24% to Rs 1068 crore in Q3 December 2012 over Q2 September 2012.
DLF said in a statement that the above financial results are after taking into account ‘one time’ profit from the sale of NTC mills land in Mumbai and accounting for certain additional costs/rebates to be incurred in the future on existing projects, including potential loss on the sale of Silverlink Resorts (Aman Resorts). It also reflects the deferment of recognition of revenues under the new accounting policy for new launches, DLF said.
DLF said its net debt declined by Rs 1870 crore in Q3 December 2012. The company continues to make investments in new assets, with a capex/land of about Rs 250 crore in Q3 December 2012, DLF said. DLF said that the management believes that with the new initiatives by the government on the policy initiatives and outlook of reduction on the interest rates, the investment sentiment in the country shall improve. This shall have a positive impact on the company’s operations in the medium term, DLF said.
DLF said that highly accretive launches in Gurgaon are on the anvil from the company, which is expected to further bolster cash flows of the company. However, in most cases, the revenue and profitability shall be reflected only after a few quarters given the new accounting policies, DFL said.
DLF said that the company is focused to create a business model of highly stable and predictable earnings, cash flows and long term value creation. In the current macro environment, DLF intends to continue with the current volume of launches, development and leasing. Over the next few years, DLF expects to move to a higher RoE model with reduced quantum of debt and at a lower cost.
