DLF's consolidated net profit rose 23.5% to Rs 414.01 crore in Q3 December 2019 (Q3 FY20) from Rs 335.15 crore reported in Q3 December 2018 (Q3 FY19).
Net sales declined 39.5% to Rs 1341.87 crore in Q3 FY20 compared with Rs 2219.28 crore reported in the same period last year. Profit before tax (PBT) jumped 55.2% to Rs 368.61 crore year-on-year.
Total expenses of the real estate firm stood at Rs 1113.57 crore in Q3 FY20, down by 29.5% from Rs 1579.37 crore in Q3 FY19. Financing cost fell 55.4% to Rs 237.55 crore in Q3 FY20 as against Rs 532.85 crore reported in Q3 FY19.
EBITDA stood at Rs 420 crore during the quarter, with EBITDA margins continuing at a healthy 27% for the development business.
"The Union Budget was neutral towards the real estate sector. Given the ongoing stress within the sector, the company is hopeful that further initiatives shall be announced by the government in due course to stimulate demand and alleviate stress in the sector. Till then, the company maintains a cautious approach," DLF said.
Also Read
It further said that it received good response for its ready to occupy premium project - The Ultima in Gurugram. It clocked sales of approx Rs 800 crore from the Phase 2 launch; the project now is 90% sold out. The company continues to remain focused on monetization of its completed inventory.
DLF is primarily engaged in the business of development and sale of residential properties and the development and leasing of commercial and retail properties.
Shares of DLF were down 1.58% at Rs 249.50.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
