On a consolidated basis, DLF reported a net loss of Rs 4 crore in Q4 March 2013 over net profit of Rs 212 crore in Q4 March 2012. Revenue fell 16% to Rs 2319 crore in Q4 March 2013 over Q4 March 2012. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 12% to Rs 819 crore in Q4 March 2013 over Q4 March 2012.
Consolidated profit after tax (PAT) fell 41% to Rs 712 crore on 11% decline in revenue to Rs 9096 crore in the year ended March 2013 (FY 2013) over the year ended March 2012 (FY 2012). EBITDA fell 12% to Rs 3948 crore in FY 2013 over FY 2012.
DLF said it achieved gross sales of 7.23 million square feet (msf) in FY 2013 from new launches and existing projects. It completed projects of 12.4 msf (approximately) of residential and commercial office space, delivery of which is underway.
The company reported net leasing of 1.14 msf of office space in FY 2013. Overall annuity income grew to Rs 1850 crore in FY 2013.
DLF added that 56.27 msf of projects were under construction till FY 2013. The firm realized approximately Rs 3160 crore during the year through divestments of non-core assets.
DLF said that despite the challenging economic environment and difficult conditions, the company discharged all its obligations and commitments to all the stakeholders. The company continued to add substantial value to the existing development potential by focusing on infrastructure development. Regardless of the weak economic environment, the company said it continues to deliver on its commitments and achieve the expected volumes and sustainable EBIDTA levels.
The revision in the accounting guidance note on real estate issued by ICAI adversely impacted the recognition of revenues on the new projects launched during FY 2013 and as a result reduced profits. The adoption of new guidance note envisages that the revenue can be recognised after reaching certain milestones, particularly incurring 25% of budgeted project cost (excluding cost of land). Had the new accounting norms not been adopted, the company's revenues would have been higher by Rs 750 crore approximately while EBIDTA would have been higher by Rs 400 crore approximately, DLF said in a statement.
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The company said it envisages an uncertain and lower growth environment and hence plans to move to a risk mitigated, steady state business environment by adopting a cautions and conservative approach.
"With the successful completion of IPP and anticipated closure of the residual divestment of non-core assets, the Company expects its net debt to come down in the current fiscal," said Mr Ashok Tyagi, DLF Group CFO. "The company expects to double its EBIDTA and reduce its debt by 50% over the next three years. The Company expects to become free cash positive by FY15," he added.
Beer maker United Breweries' net profit declined 19.64% to Rs 5.85 crore on 7.06% growth in total income from operations (net) to Rs 1003.62 crore in Q4 March 2013 over Q4 March 2012. The result was announced after trading hours on Thursday, 30 May 2013.
Net profit of Bharat Electronics rose 77.54% to Rs 592.70 crore on 22.20% rise in net sales to Rs 2727.63 crore in Q4 March 2013 over Q4 March 2012. Net profit rose 7.22% to Rs 889.83 crore on 6.03% rise in net sales to Rs 5990.45 crore in the year ended March 2013 over the year ended March 2012.
Global equity firm Warburg Pincus sold its entire stake in electrical and power equipment company Havells India on Thursday, 30 May 2013. As on 31 March 2013, Warburg Pincus held 8.35% stake in Havells India through its units Seacrest Investment and Woodcrest Investment. On Thursday, 30 May 2013, Seacrest Investment sold 58.20 lakh shares in Havells India at Rs 700 on NSE. Woodcrest Investment sold 46.07 lakh shares in Havells India at Rs 700 on BSE. Both these entities sold their shares to Vontobel Funds.
Net profit of MMTC declined 97.53% to Rs 2.21 crore on 31.37% decline in net sales to Rs 7287.69 crore in Q4 March 2013 over Q4 March 2012.
Net profit of Berger Paints India rose 4.32% to Rs 50.90 crore on 8.10% rise in net sales to Rs 734.09 crore in Q4 March 2013 over Q4 March 2012.
On a consolidated basis, Suzlon Energy reported a net loss of Rs 1912.72 crore in Q4 March 2013, higher than a net loss of Rs 300.24 crore in Q4 March 2012. Net sales fell 36.1% to Rs 4280.53 crore in Q4 March 2013 over Q4 March 2012.
Shares of ITC turn ex-dividend today, 31 May 2013, for a dividend of Rs 5.25 per share for the year ended 31 March 2013.
Shares of Sesa Goa turn ex-dividend today, 31 May 2013, for a dividend of Rs 0.10 per share for the year ended 31 March 2013.
Shares of Apollo Hospitals Enterprise, GlaxoSmithkline Consumer Healthcare, Oil India and Wockhardt may see action ahead of their inclusion in MSCI India Index from close of today, 31 May 2013.
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