DLF rose 3.57% to Rs 143.50 at 9:17 IST on BSE after consolidated net profit declined 38.11% to Rs 181.19 crore on 5.33% growth in total income to Rs 2453.18 crore in Q1 June 2013 over Q1 June 2012.
The Q1 result was announced after market hours on Monday, 12 August 2013.
Meanwhile, the S&P BSE Sensex was down 53.11 points or 0.28% at 18,893.87.
On BSE, 74,000 shares were traded in the counter as against average daily volume of 14.38 lakh shares in the past two weeks.
The stock hit a high of Rs 145.65 and a low of Rs 142.90 so far during the day.
DLF said that the benefit of the revised strategy, which was articulated in February 2013, has now started to flow. The company remains focused on creating a business model of highly stable and predictable earnings, cash flows and long term value creation. The company continues to concentrate its efforts on reduction of net debt by increasing its operating cash flows and non-core divestments thereby increasing ROE's, DLF said.
DLF had successfully placed its equity shares via institutional placement program (IPP) to top institutional investors across various geographies raising Rs 1863 crore during the quarter.
DLF fetched Rs 215 crore in Q1 June 2013 from divestment of non-core assets.
During the Quarter, the company achieved sales bookings of Rs 2430 crore compared to a total of Rs 3800 crore for the full year of FY 2013. DLF received an overwhelming response to the much awaited launches of DLF 5, Gurgaon projects namely The Crest wherein 0.83 million square feet (msf) area was sold at an average price of Rs 17500 per square feet (psf). The forthcoming project of Camellias was also test marketed and the results were very encouraging. Besides DLF 5 launches, the company achieved sales in cities such as Lucknow, Panchkula, New Chandigarh and Banglore, the company said in a statement.
The construction of 1.8 msf Mall of India, Noida continues to make progress and is slated to open by end of FY 2014.
On the divestment side, the company completed the closure of wind energy portfolio with respect to Gujarat and Tamil Nadu circles. Definitive agreements were signed to sell the stake in the innsurance JV with Prudential, subject to regulatory approvals, DLF said.
On Aman divestment, post opening of the process to other bidders/investors and their subsequent positive response specifically in terms of value, DLF said it remains quite confident of a closure of the transaction in a short period of time.
DLF said it remains committed to its debt reduction plan through various divestments. The net debt declined to Rs 20369 crore as on 30 June 2013. The company reiterates its annual guidance of net debt reduction to Rs 17500 crore by end of FY 2014.
DLF continues to maintain a comfortable liquidity position having Rs 3175 crore of cash on its books. With the uptick in sales bookings, which was very evident from the Q1 sales, the cash position is likely to improve substantially, the company said.
DLF's board of directors at a meeting held on Monday, 12 August 2013, re-appointed Dr. K. P. Singh as Chairman for a period of five years with effect from 1 October 2013.
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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