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.
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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