DLF Ltd's Q3FY19 consolidated net profit declines 91.89% yoy to Rs333.65cr : Misses Estimates

The company’s consolidated revenue stood at Rs2,219.28cr, up 31.03% yoy and 3.75% qoq.

Feb 05, 2019 08:02 IST India Infoline Research Team

DLF Ltd Q3FY19

Consolidated Results Q3FY19: (Rs. in cr)

Q3FY19 YoY (%)
Revenue 2,219.28 31.0
EBITDA 639.91 [8.8]
EBITDA Margin (%) 28.8 [1,258]
Net Profit (adjusted) 333.65 [91.9]
***EBITDA margin change is bps
DLF’s revenue numbers were above consensus estimates, while EBITDA and PAT missed estimates for the quarter ending December 2018. Top-line registered a strong growth of 31% yoy to Rs2,219.3cr in Q3FY19 vs. Rs1,693.7cr in Q3FY18, 8.7% ahead of the street estimates. EBITDA for the current quarter declined by 8.8% yoy to Rs639.9cr, 3.7% below the consensus estimates. EBITDA margin stood at 28.8%, dropped 1,258bps yoy from 41.4% in Q3FY18. Profit after taxes came at Rs333.7cr in Q3FY19 vs. Rs4112cr in Q3FY18, missing the street estimates by a notable 13.6%.
  • Net profit tanked owing to the exceptional items of Rs8,569.3cr booked for stake sale in rental arm to GIC in Q3FY18.
  • Operating profit, despite strong top-line growth, declined mainly owing to higher input costs (more than doubled to Rs1259.1cr in Q3FY19).
  • Depreciation expenses dropped 68.4% yoy to Rs56.2cr, while finance costs fell 37.8% yoy to Rs532.9cr for the quarter under consideration.
  • Employee costs declined 19.2% yoy to Rs230.3cr for the quarter under review.
  • Other expenses fell by 20.2% yoy to Rs90cr, while other income increased by 15.6% yoy to Rs186.6cr in Q3FY19.
  • Financial performances are not comparable due to company’s transition to Ind AS 115 starting from Apr 1, 2018.

Technical View:

DLF Ltd is currently trading at Rs. 159.85, down by 3.4 points or 2.08% from its previous closing of Rs. 163.25 on the BSE.
The scrip opened at Rs. 163 and has touched a high and low of Rs. 165.20 and Rs. 154.80 respectively. So far 75,91,034 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.

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