DLF shares fall 4% as company's Q3 profit drops 92% YoY

DLF reported a 92 per cent year-on-year drop in its consolidated net profit at Rs 335.15 crore for the third quarter of this fiscal

Shares of realty major DLF fell as much as to 4.6 per cent to Rs 152.10 apiece in the intra-day trade on the BSE on Wednesday after the company reported a 92 per cent year-on-year (YoY) drop in its consolidated net profit at Rs 335.15 crore for the third quarter of 2018-19 (Q3FY19).

The real estate firm had reported a net profit of Rs 4,091.27 crore in the year-ago period (Q3FY18), the company said in a regulatory filing. 

"DLF has reported consolidated revenues of Rs 2,406 crore for the quarter ended December 31, 2018, an increase from Rs 2,305 crore in Q2 FY19" it added.

The EBIDTA (earnings before interest taxes and amortization) stood at Rs 827 crore, which was similar to Rs 825 crore in the Q2FY19. The net consolidated profit stood at Rs 345 crore, a marginal decrease from Rs 376 crore in Q2FY19. It has recorded a third consecutive quarter of healthy sales and second consecutive quarter of positive operating cash, which stood at Rs 133 crore.

The profit fell due to an exceptional gain of Rs 8,569.34 crore during the third quarter of 2017-18 fiscal, mainly on the back of the promoters stake sale in rental arm DLF Cyber City Developers (DCCDL). Promoters had infused funds into DLF to reduce debt.

During Q3FY18, DLF posted an income of Rs 8,569 cr on account of revaluation of its investment in DCCDL and fair valuation of certain other assets.

DCCDL recorded consolidated revenues of Rs 1284 crore for the quarter ended December 31, 2018. Its EBIDTA stood at Rs 970 crore and net profit stood at Rs 335 crore.

At 11.15am, DLF was trading at Rs 154.25, down 3.50 per cent on the BSE, as compared to a 0.51 per cent rise in the S&P BSE Sensex. Over 52 lakh shares were traded on NSE and BSE so far in the intra-day trade.