DLF’s Q2 net profit seen down 26% at Rs 275 cr

MUMBAI: Realty major DLF is expected to report a 26 per cent drop in net profit at Rs 275 crore for the quarter ended September, down 26 per cent from Rs 372 crore in the same period last fiscal, according to an ET Now poll.

The company’s net sales are seen at Rs 2,350 crore, down 7 per cent, as against Rs 2,523 crore in the corresponding quarter a year ago.

EBITDA is seen at Rs 1,040 crore, down 11 per cent from Rs 1,172 crore. Margins are seen at 44.3 per cent against 46.4 per cent earlier.

According to analysts, the company may report sales of 1.6 - 2 million square feet during the September.

No significant launches took place during the quarter. DLF had launched 0.45 million square feet in the second quarter.

Part of Mumbai land sale to Lodha Developers will be recognised in Q2. Balance of Mumbai land sale fund to be booked in Q3. Interest costs are likely to dent profits of company.

For the financial year 2012-13, the company has given a guidance of residential sales of 12 million square feet and 2 million square feet of leasing.