DLF Q3 PAT down 16% YoY to Rs 379 crore

DLF reported 15.9% fall in consolidated net profit to Rs 379.48 crore as net sales remained flat at Rs 1,549.70 crore in Q3 FY22 over Q3 FY21.

EBITDA in Q3 FY22 stood at Rs 659 crore, reflecting a YoY increase of 5%.

The real estate developer said that one of the investee company has defaulted in meeting its debt obligation mainly due to project execution delays arising out of disruption caused by COVID pandemic.

The Group believes that the project remains fundamentally sound and the Group continues to work with the relevant parties to resolve this matter. However, given the uncertainty involved related to the timing of the resolution, management has considered an impairment provision of Rs 224.43 crore on a best estimate basis and disclosed as exceptional item in these consolidated financial results.

DLF said that the housing segment continues to exhibit sustained momentum leading to strong business performance in the residential segment. The company has clocked new sales in the quarter amounting to Rs 2,018 crore, reflecting a YoY growth of 97%.

Cumulative sales bookings for nine-month period stood at Rs 4,544 crore.

"Residential markets continue to exhibit improving demand trends and we expect these to continue for a long term, the company said.

Cash generation of Rs 764 crore during the quarter resulted in a marked reduction in the company's net debt which stood at Rs 3,220 crore at the end of the quarter. Accordingly, ICRA and CRISIL have both, revised the rating upwards to 'ICRA AA-/Stable' & 'CRISIL AA-/Stable'.

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).

The scrip 0.83% to currently trade at Rs 394.40 on the BSE.

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