DLF slips after Q1 results

DLF fell 1.87% to Rs 176.10 at 11:46 IST on BSE after consolidated net profit fell 25.8% to Rs 128.18 crore on a 11.7% decrease in net sales to Rs 1,331.19 crore in Q1 June 2019 over Q1 June 2018.

The result was announced after trading hours yesterday, 29 July 2019.

Meanwhile, S&P BSE Sensex was down 58.82 points or 0.16% at 37,627.55.

On BSE, 4.75 lakh shares were traded in DLF counter, compared to a 2-week average of 3.68 lakh shares. The stock hit an intraday high of Rs 181.90 and an intraday low of Rs 175.15. It hit a 52-week high of Rs 223.40 on 30 August 2018 and a 52-week low of Rs 141.20 on 19 October 2018.

The company reported net exceptional income of Rs 286.54 crore, which boosted its net profit.

The promoters infused the last tranche of funds amounting to Rs 2,250 crore into the company in the last quarter. With a total infusion of Rs 11,250 crore, this is one of the largest infusion by promoters in an Indian company. DLF has now successfully completed the entire process of transformation of its balance sheet.

With a strong balance sheet and completion of all legacy projects, the company will now work to monetise its completed inventory with enhanced focus on one hand and create the future pipeline of projects to fuel growth on the other.

DLF said it has plans to develop 17 million square feet (MSF) of space in commercial and residential segments.

DLF's wholetime director, Ashok Tyagi, said "Our strategy of Build and Sell has worked out to be a successful one. Given the overhang owing to numerous factors, the markets are expected to lean towards developments which are either complete or at advanced stages of completion and mitigate various risks perceived to be attached to under construction projects. Given this belief, the company has embarked on development of new asset build-out at select marquee locations, in both residential and commercial segments, which will enable sizeable build over the time period in which existing inventory gets sold."

DLF is a real estate developer, having approximately 221 MSF of development potential across residential and commercial segment.

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