Beating the street estimates, DLF, the country’s largest property developer, posted an over two-fold jump in net profit in the second quarter of FY25 at Rs 1381 crore as compared to Rs 623 crore in the corresponding quarter of the previous financial year. Analysts estimated a tad lower profit of Rs 658 crore.
The company said net profit included the reversal of deferred tax liabilities of ~ Rs 606 crore, pursuant to a change in the tax rate on long-term capital gain on enactment of the Finance Act, 2024
The company posted a 47 % jump in revenues at Rs 1975 crore in Q2FY25 as compared to Rs 1348 crore in Q2FY24. Analysts had estimated revenues of Revenue Rs 1,367 crore.
The company posted an 8.6 % jump in its Q2FY25 Ebitda at Rs 502crore. However, analysts estimated an Ebitda of Rs 626 crore.
“The outlook for the residential business continues to be strong and our development business continues to exhibit steady performance. New sales bookings during the quarter were down to Rs 692 crore reflecting delay in receiving the requisite approvals for our new product launches,” the company said in a press release.
The approval for its super luxury offering Dahlias in DLF 5, Gurugram has since been received in the early part of the current quarter. New sales bookings for the first half of the fiscal stand at Rs 7,094 crore and it remains on track to meet our guidance for the full fiscal, DlF said.
It said the company’s net cash position stood at Rs 2,831 crore at the end of the period despite a higher dividend payout of Rs 1,238 crore during this quarter.
DLF said Q2FY25 consolidated revenue of DLF Cyber City Developers (“DCCDL) stood at Rs 1,653 crore, reflecting y-o-y growth of 13%; consolidated profit for the quarter stood at Rs 521 crore, registering a healthy growth of 25% as compared to Q2FY24.
“The company said its rental business is experiencing a positive upturn and is demonstrating steady growth. Encouraged by these strong trends, they have accelerated capex commitments to fuel the growth of our rental portfolio and have commenced development of the subsequent phases of Downtown, Chennai and Downtown, Gurugram totalling around 11 million sq ft which includes a large 2 million sq ft retail destination in Gurugram. Its ongoing projects, including Atrium Place in Gurugram and 3 retail malls, remain on track to commence rents in the next fiscal.
“We believe that our business is well poised to leverage this structural upcycle backed by a significant land bank having a high embedded potential, robust pipeline of new products across both development and rental business, strong balance sheet and consistent cash flow generation.,’ it said.
From: financialexpress
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