DLF rose 1.45% to Rs 160.60 at 9:59 IST on BSE after consolidated net profit rose 107.69% to Rs 261.42 crore on 21.82% decline in net sales to Rs 1867.46 crore in Q1 June 2016 over Q1 June 2015.
The result was announced after market hours yesterday, 29 August 2016.Meanwhile, the BSE Sensex was up 196.92 points, or 0.71%, to 28,099.58.
On BSE, so far 4.65 lakh shares were traded in the counter, compared with average daily volume of 10.60 lakh shares in the past one quarter. The stock hit a high of Rs 161.45 and a low of Rs 155.10 so far during the day. The stock hit a 52-week high of Rs 169.60 on 19 August 2016. The stock hit a 52-week low of Rs 72.50 on 12 February 2016. The stock had underperformed the market over the past 30 days till 29 August 2016, falling 2.34% compared with 0.53% slide in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 21.91% as against the Sensex's 4.63% rise.
The large-cap company has equity capital of Rs 356.79 crore. Face value per share is Rs 2.
DLF's bottom line in Q1 June 2016 was boosted by one-time extraordinary gain of Rs 372 crore from the sale of DT cinemas to PVR. The company's consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) fell 1% to Rs 903 crore in Q1 June 2016 over Q1 June 2015.
DLF said in a post result statement that the residential sector remains muted across all micro-markets. The company continues to implement its strategy of completing legacy projects and creating finished inventory and hence well positioned to profit when there is an uptick in the market dynamics, DLF said.
Going ahead, the company expects increased momentum in the commercial space. As the company has exhausted most of its available commercial stock, it has commenced construction of office space in Chennai IT SEZ in the second quarter. Construction of Cyber Park at full pace and finishing of luxury retail mall at Chanakyapuri is underway. The company is focused on aggregating leases which are expiring to enable it to contract it to 'high value' high creditworthy tenants, it added.
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DLF's primary business is development of residential, commercial and retail properties.
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