DLF slips after declaring Q1 result

DLF fell 1.63% to Rs 193.40 at 10:15 IST on BSE even as the company announced robust Q1 result after market hours on Friday, 10 August 2018.

Meanwhile, the S&P BSE Sensex was down 254.49 points or 0.67% at 37,614.74

On the BSE, 1.92 lakh shares were traded on the counter so far as against average daily volumes of 4.34 lakh shares in the past two weeks. The stock had hit a high of Rs 197.80 and a low of Rs 191.45 so far during the day. The stock had hit a 52-week high of Rs 273.95 on 11 January 2018 and a 52-week low of Rs 153.10 on 11 August 2017.

The large-cap company has equity capital of Rs 356.87 crore. Face value per share is Rs 2.

On a consolidated basis, DLF reported 58.19% rise in net profit to Rs 172.44 crore on 25.03% fall in total income to Rs 1657.67 crore in Q1 June 2018 over Q1 June 2017.

New sales booking during the quarter stood at Rs 600 crore. Given the current momentum, the company remains on track to achieve fresh sales booking of Rs 2000 to 2250 crore in the current fiscal. The commercial leasing business continues to grow steadily and is experiencing healthy momentum.

DLF is working towards achieving net debt zero in its development business in the near future. This would be achieved through equity infusion during the current year. The company remains focussed on monetization of finished inventory which would result in surplus cash flows which shall primarily be utilised for debt reduction and balance cash surplus will be utilized by the company to re-invest in development of new projects for both sale and lease business.

DLF's primary business is development of residential, commercial and retail properties.

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