The result was announced after trading hours on Thursday, 30 May 2013.
Meanwhile, the S&P BSE Sensex was down 127.28 points, or 0.63%, to 20,088.12.
On BSE, 1.44 lakh shares were traded in the counter as against an average daily volume of 11.41 lakh shares in the past one quarter.
The stock hit a high of Rs 205.10 and a low of Rs 200 so far during the day. The stock had hit a 52-week high of Rs 289.20 on 12 March 2013. The stock had hit a 52-week low of Rs 169.55 on 4 June 2012.
The stock had underperformed the market over the past one month till 28 May 2013, falling 13.46% compared with the Sensex's 4.53% rise. The scrip had also underperformed the market in past one quarter, sliding 25.58% as against Sensex's 6.89% rise.
The large-cap real estate developer has an equity capital of Rs 355.95 crore. Face value per share is Rs 2.
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DLF's revenue declined 16% to Rs 2319 crore in Q4 March 2013 over Q4 March 2012. Earnings before interest, taxation, depreciation and amortization (EBITDA) declined 12% to Rs 819 crore in Q4 March 2013 over Q4 March 2012.
Net profit declined 41% to Rs 712 crore on 11% decline in revenue to Rs 9096 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). EBITDA fell 12% to Rs 3948 crore in FY 2013 over FY 2012.
DLF said that the revision in the accounting guidance note on real estate issued by ICAI adversely impacted the recognition of revenue 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 recognized 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 revenue would have been higher by Rs 750 crore approximately while EBITDA would have been higher by about Rs 400 crore approximately, DLF said.
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 realised approximately Rs 3160 crore during the year through divestments of non-core assets.
With regard to the future business outlook, DLF said that the management 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, Group CFO, DLF. DLF expects to double its EBITDA and reduce its debt by 50% over the next three years. The company expects to become free cash positive by FY 2015.
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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