DLF rallies nearly 7% as Q1 earnings beat estimates

NEW DELHI: DLF Ltd rallied as much as 6.8 per cent in morning trade on Tuesday in a weak market, a day after the real-estate major reported good set of numbers which were above consensus estimate, both on revenue and profitability front.

At 09:20 a.m.; DLF was trading 6.06 per cent higher at Rs 146.90. The stock has hit a low of Rs 142.90 and a high of Rs 148.10 in trade today.

Although the real-estate major reported 38 per cent fall in the consolidated net profit at Rs 181.19 crore for the quarter ended June 30 on higher expenses, its top line grew by 4 per cent YoY.

The company had posted a net profit of Rs 292.79 crore in the year-ago period.

On the top-line front, DLF’s revenue grew by 4.0% y-o-y to Rs 2,314 crore in 1QFY2014; which was above consensus estimate of Rs 2,063 cr. EBIDTAM came in at 39.6 per cent in 1QFY2014 which was above street estimate of 37.0 per cent.

“During the quarter, the company has completed one of the largest institutional private placement (IPP) having raised Rs 1,863 crore,” Angel Broking said in a report.

DLF has 325 million sq ft of planned projects with 56 million sq ft of projects under construction.