DLF Q2 PAT rises 26% YoY to Rs 477 cr

25 Oct 2022 , 10:21 AM

Net sales declined 12.1% to Rs 1,302.34 crore in the quarter ended 30 September 2022 from Rs 1,480.90 crore posted in the same period last year. Profit before tax stood at Rs 351.23 crore in Q2 FY23, up by 9.5% from Rs 320.74 crore reported in Q2 FY22. EBITDA shed 7% to Rs 495 crore in Q2 FY23 from Rs 534 crore recorded in the corresponding quarter previous year. The decline in EBITDA was impacted by lower other income, higher fixed cost (largely driven by organization scaling up & salary increments), higher variable expenses driven by business scale up costs. EBITDA margin stood at 36% in Q2 FY23 as compared to 34% posted in Q2 FY22. DLF said that consistent performance delivery has been exhibited across all parameters. Housing demand continued to remain buoyant during the period. The luxury segment continues to witness sustained demand with a clear shift towards larger homes. The company continues to experience further consolidation across the industry in the backdrop of changing consumer preference towards quality offerings from large and credible players. The interest rate hike was on expected lines. DLF continues to closely monitor these developments, however, have not experienced any material impact on housing demand so far. The firm remains confident that its product offerings will remain the preferred choice for customers and will continue to perform well. The real eastate companys residential business delivered a steady performance and clocked new sales bookings of Rs 2,052 crore, reflecting a year on year growth of 36%. The Camellias- DLFs Super Luxury offering, has consistently proven to be the preferred choice. Sustained momentum of demand across this product led to incremental sales booking of Rs 473 crore during the quarter, the firm stated. DLF further added, ?We remain optimistic about the inherent demand in housing given the changing aspirations of consumers for highquality, efficiently designed products being offered across established ecosystems and continue to work to offer new products across segments and geographies. Surplus cash generation during the quarter stood at Rs 409 crore, before net outflow of Rs 292 crore on account of increased dividend payout. Deleveraging remains a focus area and consequently our net debt stood at Rs 2,142 crore at the end of the quarter.? The rental arm of the company, DLF Cyber City Developers office portfolio is exhibiting steady recovery with improvement in occupancies. The buoyancy in the retail business continues. It also continues to witness a steady uptick in occupiers attendance across the portfolio along with gradual recovery in its leasing momentum. During Q2 FY23, the rental income grew 20% YoY; driven by a strong growth in retail revenues. Consolidated revenue stood at Rs 1,369 crore as compared to Rs 1,123 crore last year, reflecting a 22% YoY growth. EBITDA stood at Rs 1,046 crore, YoY growth of 21%. Net profit stood at Rs 355 crore, reflecting a YoY growth of 54%. Meanwhile, the companys board approved enabling resolution for raising of funds through non-convertible debentures (NCDs) and/ or other debt securities for an amount not exceeding Rs 1,500 crore. DLF is primarily engaged in the business of development and sale of residential properties (the development business) and the development and leasing of commercial and retail properties (the annuity business). Shares of DLF were down 0.03% to Rs 367.45 on the BSE. Powered by Capital Market – Live News