DLF lost 1.91% to Rs 146.35 at 9:17 IST on BSE after consolidated net profit declined 28.05% to Rs 100 crore on 3% growth in revenue to Rs 2225 crore in Q2 September 2013 over Q2 September 2012.
The Q2 result was announced after market hours on Wednesday, 30 October 2013.
Meanwhile, the S&P BSE Sensex was up 26.97 points or 0.13% at 21,060.94.
On BSE, 23,000 shares were traded in the counter as against average daily volume of 11.41 lakh shares in the past two weeks.
The stock hit a high of Rs 147.50 and a low of Rs 145.30 so far during the day.
DLF's consolidated EBITDA (earnings before interest, taxation, depreciation and amortization) declined to Rs 863 crore in Q2 September 2013, from Rs 864 crore in Q2 September 2012.
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DLF's consolidated net profit declined 45% to Rs 100 crore on 9% fall in revenue to Rs 2225 crore in Q2 September 2013 over Q1 June 2013. EBITDA declined 18% to Rs 863 crore in Q2 September 2013 over Q1 June 2013.
DLF said it has witnessed an enthusiastic response to its luxury development-Camellias in DLF 5, Gurgaon. In Q2 September 2013, the company sold approximately 0.09 million square feet (msf) of the project at an average realization of Rs 28,055 per sq. ft.
DLF 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, DLF said.
With regard to the divestment of the non-core assets, DLF said it 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 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 17500 crore by end of FY 2014, DLF said.
DLF said it expects a slow absorption of product in the market amid current economic and high interest rate environment. Despite these adverse conditions, the company has managed to more than double its sales bookings in first half of FY 2014 compared to corresponding period of last year. The company said it remains hopeful of achieving its sales booking target for the full year. On the leasing front, the company has achieved leasing of 1 msf in first half of FY 2014 compared with 0.53 msf during the corresponding previous year period.
DLF's primary business is development of residential, commercial and retail properties. The company has a unique business model with earnings arising from development and rentals.
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