DLF rose 2.57% to Rs 95.75 at 10:35 IST on BSE after consolidated net profit rose 24.4% to Rs 163.95 crore on 43.3% rise in total income to Rs 2980.73 crore in Q3 December 2015 over Q3 December 2014.
The result was announced after market hours yesterday, 2 February 2016.Meanwhile, the S&P BSE Sensex was down 230.61 points or 0.94% at 24,308.39
On BSE, so far 11.12 lakh shares were traded in the counter as against average daily volume of 15.52 lakh shares in the past one quarter. The stock hit a high of Rs 96.80 and a low of Rs 92.40 so far during the day. The stock had hit a 52-week high of Rs 179 on 4 February 2015. The stock had hit a record low of Rs 90 on 20 January 2016. The stock had underperformed the market over the past one month till 2 February 2016, falling 23.14% compared with 6.20% decline in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 21.32% as against Sensex's 7.61% fall.
The large-cap company has equity capital of Rs 356.65 crore. Face value per share is Rs 2.
DLF's consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) rose 50% to Rs 1379 crore in Q3 December 2015 over Q3 December 2014.
DLF said that Q3 December 2015 bottomline includes a one-time gain on account of sale of land by DLF Home Developers to two joint venture companies formed with GIC, Singapore's sovereign wealth fund. It also includes revision in construction budgets, primarily due to fundamental specifications upgrade and reassessment of cost to completion, the company said. Net debt stood at Rs 21396 crore as on 31 December 2015, a reduction of Rs 1124 crore from Q2 September 2015.
DLF said that the company witnessed continued leasing interest in its commercial properties with demand being stable. Since, substantial portion of existing stock has been leased out, the company has initiated a new development viz. Cyber Park at a prime location on NH-8, adjacent to Cyber City in Gurgaon. The company has also recently opened up its retail property viz. Mall of India, Noida, which in NCR continues to be one of the largest retail destinations, DLF said. Residential markets remain soft and outlook is expected to remain lackluster in the medium term, the company said.
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In December 2015, DLF Home Developers (DHDL), a wholly owned subsidiary of DLF and GIC, Singapore's sovereign wealth fund, had entered into a joint venture to invest in two upcoming projects located in Central Delhi. The entire funds amounting to Rs 1990 crore were received in Q3 December 2015.
DLF is one of the biggest real estate development companies in India. DLF is primarily engaged in the business of development and sale of residential properties and the development and leasing of commercial and retail properties.
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