Categories: Press Release

DLF announces Q3 FY13 results

DLF Limited, India’s largest real estate company, recorded consolidated revenues of Rs 2291 crore for the quarter ended December 31, 2013, an increase of6% from Rs 2157 crore in Q2 FY13. EBIDTA stood at Rs 1068 crore, an increase of 24% as compared to Rs 864 crore in Q2FY13. Net profit is Rs 285 crore, as compared to Rs 139 crore in Q2FY13. The non-annualized EPS for the quarter was Rs 1.67.

 

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.

The quarter saw reduction in the net debt by Rs 1870 crore. The Company continues to make investments in new assets with a capex/land of approx. Rs.250 crore during the quarter. The Company 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.

On the anvil are also highly accretive launches in Gurgaon, which are 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.

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.

 

The Property Times News Bureau

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