Realty major DLF on Tuesday achieved a 76 percent increase in its consolidated net profit at Rs 436.56 crore for the quarter ended March on higher sales.
Its net profit was at Rs 247.73 crore in the year-ago period, the company said in a regulatory filing.
Total income shot to Rs 2,660.95 crore in the fourth quarter of 2018-19 fiscal from Rs 1,845.92 crore in the corresponding period of the previous year.
During the full 2018-19 fiscal, net profit dropped to Rs 1,319.22 crore from Rs 4,463.86 crore in the previous financial year. The drop in profit was because of exceptional gain from the sale of the rental business in the 2017-18 fiscal.
However, total income rose to Rs 9,029.41 crore in the last fiscal from Rs 7,663.71 crore in the 2017-18 fiscal.
Shares of real-estate developer DLF Ltd was up nearly 6 percent on robust Q4 earnings and lower debt. in its consolidated net profit at Rs 436.56 crore for the quarter ended March on higher sales, compared to a net profit of Rs 247.73 crore a year ago.
DLF’s stock price gained as much as 5.8 percent to Rs 181 per share on the BSE. At 9:59 am, DLF shares were trading 3.4 percent higher at Rs 177 as compared to a 0.17 percent rise in the BSE Sensex at 39,036.
The real estate firm’s total income increased 44 percent to Rs 2,661 crore versus Rs 1,845.92 crore YoY.
The company finished the qualified institutional placement (QIP) of Rs 3,173 crore of equity and complete with the infusion of Rs 11,250 crore by the promoters.
The company has completely transformed its balance sheet, said DLF in a statement.
With the debt overhang and the completion of all legacy projects, DLF would now work with an enhanced focus on generating free cash flow through monetization of the ready to occupy inventory. The company is venturing into the next wave of asset build-out at certain select marquee locations in both, residential and commercial segments, the company added.
The company has seen a series of stable sales in the residential segment and are monetising their ready to occupy inventory across the country in the premium and luxury segments.
The company achieved net sales of Rs 2,435 crore and we expect this momentum to continue, targeting to achieve net sales of approximately Rs 2,700 crore during FY20. It has seen a good demand from markets like Gurgaon, Kochi, and Lucknow for the ready to occupy apartments, the statement read.
