DLF Ltd Q2FY23 PAT up 25.9% at Rs477 crore on sharply lower finance costs by 39% yoy

26 Oct 2022 , 09:56 AM

DLF Ltd reported -12.06% fall in total revenues for the September 2022 quarter on consolidated basis at Rs1,302cr.

Revenue growth was -9.66% lower in sequential terms. Revenues were lower on a yoy basis due to lower demand amidst uncertainty in the residential demand and commercial demand during the quarter.

The net cash from operations in the first half of FY23 fell on a yoy basis due to higher working capital locked up in trade receivables and in other current assets. DLF is the dominant realty player in North.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 25.88% at Rs477cr and it was 1.59% higher on sequential basis.

The surge in profits was led by the lower cost paid for land and titles but the bigger reason was the sharp fall in financing costs in tune with the fall in the debt levels of the company.

It has been in the midst of a major deleveraging  exercise with target to reach zero net debt in few years. Net profit margins at 36.6% in Q2FY23 were higher compared to 25.9% in Q1FY22 and against 32.6% in Q2FY23.

Financial highlights for Sep-22 compared yoy and sequentially

	DLF Ltd
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 1,302.34	₹ 1,480.90	-12.06%	₹ 1,441.63	-9.66%
Net Profit (Rs cr)	₹ 477.04	₹ 378.95	25.88%	₹ 469.57	1.59%
Diluted EPS (Rs)	₹ 1.93	₹ 1.53		₹ 1.90
Net Margins	36.63%	25.59%		32.57%