Track2Realty: DLF Limited recorded consolidated revenues of Rs 2,225 crore for the quarter ended September 30, 2013, a decrease of 9% from Rs 2,453 crore in Q1 FY14. EBIDTA stood at Rs 863 crore, decrease of 18% as compared to Rs 1,055 crore in the Q1FY14. Net profit stood at Rs 100 crore, a decrease of 45% compared to Rs 181 crore in Q1FY14. The non-annualized EPS for the quarter was Rs 0.56.
The Company witnessed an enthusiastic response to its luxury development-Camellias in DLF 5, Gurgaon. During the Quarter, the Company sold approx 0.09 msf of the project at an average realization of Rs 28,055 per sq. ft.
The Company has appointed the construction major L&T as the general contractor to build the luxury residential development – The Crest and Leighton Welspun, an Australian construction major as the general contractor to build luxury residential development – The Camellias. The execution of both the projects Crest and Camellias has commenced.
On the divestment of the non-core assets, the Company has closed the divestiture of the Wind business and Star Alubuild to Lixil. The Company has also signed a share purchase agreement with Dewan Housing Finance Ltd. for sale of shareholding in DLF Pramerica Life Insurance, which is currently awaiting regulatory approvals. Given the pipeline of divestitures, the Company remains committed to reduce its net debt to Rs. 17,500 crore by end of FY14.
Lastly, in the current economic & high interest rate environment, the Company expects a slow absorption of product in the market. Despite these adverse conditions, the Company has managed to more than double its H1 sales bookings compared to corresponding period of last year.
The Company remains hopeful in achieving its sales booking target for the year. On the leasing front, the Company has achieved leasing of 1 msf in H1 FY14 compared to 1.14 msf for the entire FY13.
