DLF Limited, India’s largest real estate company, recorded consolidated revenues of Rs 2,396 crore for the quarter ended December 31, 2011, a decline from Rs 2,577 crore in Q2 FY12. EBIDTA stood at Rs 11.84bn, a decline from Rs 12.92bn in the corresponding period last year. Net profit was at Rs 2.58bn compared to Rs 372 crore in Q2FY12. The non-annualised EPS for the quarter was Rs 1.52.
Whilst the Company has progressed well with its non-core divestment program with two major transactions – sale of NOIDA IT Park and Pune SEZ completed in the quarter, its operations continued to face some headwinds due to both domestic and global macro economic conditions. With macro environment continuing to remain unfavorable with high interest rates, commodity and labour cost inflation, the Company’s strategy shall require patience and caution to execute. Given these uncertainties, the Company expects longer than anticipated time for its initiatives to take fruition. Whilst the Company continues to remain fully committed and focused to its strategy of launching plotted land developments, premium housing, and divestment of non-core assets and reduction of debt, it believes that due to the current macro environment , it may take a few more Quarters for the Company to regain full momentum.