DLF announces Q2 FY13 results

• DLF announces Q2 FY13 results
• Revenue at Rs 2,157 Crore
• Net profit at Rs 139 Crore

Editors Synopsis:

Financial Highlights –

Q2 FY13 (all comparisons with Q2 FY12)

• Consolidated Revenue at Rs 2,157  crore, down by 16% from Rs 2,577 crore
• EBIDTA at Rs 864 crore, down   by 29% from Rs 1216 crore
• Consolidated PAT at Rs 139  crore, compared to Rs 372 crore
• EPS for the quarter at Rs 0.81

Q2 FY13 (all comparisons with Q1 FY13)

• Consolidated Revenue at Rs 2,157  crore, compared to Rs 2,329 crore
• EBIDTA at Rs 864 crore, down  by 28% from Rs 1198 crore
• Consolidated PAT at Rs 139  crore, compared to  Rs 293 crore
• EPS at Rs 0.81, compared to  Rs 1.72

Highlights – Q2 FY13

Business

• 1.59  msf sales booked  in the quarter versus 1.34 msf in the previous quarter
• Leasing volumes of 0.24 msf  during the quarter
• Total developable potential  at 340 msf
• Handed over 0.74 msf of  offices during the quarter versus 2.05 msf in the corresponding quarter
•  55 msf of projects area under construction at  the end of the quarter
• Realisation from divestment  of non- core assets at Rs 560 crore.

New Delhi, November 12, 2012:  DLF Limited, India ‘s largest real estate company, recorded consolidated  revenues of Rs 2,157 crore for the quarter ended September 30, 2012 , a decrease  of 7% from Rs 2329 crore in Q1 FY13. EBIDTA stood at Rs 864 crore, a decrease  of 28% as compared to Rs 1198 crore in Q1FY13. Net profit is Rs 139 crore, as  compared to Rs 293 crore in Q1FY13. The non-annualised EPS for the quarter was  Rs 0.81.

“The Worst is Behind Us”

The Company has made significant  strides in achieving its business objectives built around net debt reduction,  delivery of all past committed volumes and enhancing product mix through  launches of higher margin products. In order to achieve this, the Company has  completely re-tooled its business model and putting in place the ‘best in  class’ project management and construction agencies. The large rental portfolio  of the company continues to perform well with better rental realizations.  However the leasing volumes remains muted due to overall economic conditions.

The closing of the Jawala  transaction (sale of NTC Mills land, Mumbai) represents a major milestone in  the Company’s debt reduction objective and will be fully reflected in the Q3 of  the current fiscal year.  The Company continues  to make steady progress on the balance divestments which include Aman Resorts  and Wind businesses and is very confident of their closure within the FY13 and  achieve net debt reduction to Rs. 18,500 cr.

Ashok Tyagi, Group CFO said   “The financial results for this  quarter represent that the company is poised to get back on full growth mode.  The Company is now well positioned and positive to leverage its leadership with  planned launches in excess of 9 msf during the second half of the fiscal year.  We truly believe that the worst is behind us!!

The Company remains  steadfast in meeting its commitments to all its stakeholders in a fully  compliant manner.

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