DLF Beats Street Expectations, Posts Consolidated Net Profit of Rs 220 Crore
Waseem Ahmad / 30 May 2014
DLF, India's largest real estate company in terms of revenues, earnings, market capitalisation and developable area, has announced its financial results for the fourth quarter and year ended on 31 March, 2014. The company was able to beat the street expectation on profit segment during the said quarter with the help of exceptional growth in other income.
The topline of DLF fell by 11.5% on yearly basis to Rs 1970 crore in Q4FY14 against Rs 2226 crore in same period of last year. Further, EBITDA of the company showed sharp decline and went down by 50% to Rs 363 crore in Q4FY14 against Rs 726 crore in Q4FY13 on account of increase in expenditure.
Cost of land plots development for the company went up to 52.4% of total operating revenue in Q4FY14 as against 47% in same period of last year. Moreover, other expense of the company came up to 24% of total operating revenue during the said period where it was 14% in Q4FY13.
Bottomline of the company recorded exceptional growth during the said quarter and stood at Rs 220 crore against loss of Rs 4.2 crore in same period of last year. The company was able to show good profit in Q4FY14 on account exceptional increase in other income and tax rebate over previous losses. Other income of the company went up by 492% to Rs 552 crore in Q4FY14 against Rs 93 crore in same period of last year.
As far as its finance cost is concerned, it grew by 7% on yearly basis to Rs 630 crore in Q4FY14 against Rs 588 crore in same period of last year. However, on quarterly basis it showed marginal decline and stood at Rs 630 crore in Q4FY14 against Rs 633 crore in Q3FY14 which is good for the company.
As regards to financial performance for FY14, DLF’s performance during the said period was not up to the mark. Topline of the company recorded marginal growth of 7% yoy to Rs 8298 crore in FY'14 against Rs 7773 crore in last fiscal year. However, EBITDA of the company fell by 5% to Rs 2485 crore in said period against Rs 2626 crore in last fiscal year. Bottomline of the company also dropped by 8.4% to Rs 688 crore in FY'14.
Total borrowing’s of the company recorded decline of 12% on yearly basis and stood approximately to Rs 18853 crore in FY'14 against Rs 21382 crore in same period of last year.
At CMP of Rs 208 per share, the stock is trading at 56x of its trailing 12-months earning.
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