DLF spurts after Q2 numbers, MSCI inclusion

DLF jumped 7.25% to Rs 206.40 after net profit rose 19% to Rs 445.85 crore on 19.8% fall in net sales to Rs 1715.51 crore in Q2 September 2019 over Q2 September 2018.

The scrip has traded in the range of Rs 195.50 and Rs 207.65 so far during the day as 13.92 lakh shares changed hands in the counter.

The company's EBITDA stood at Rs 575 crore, with EBITDA margins continuing at a healthy 30% for the development business.

DLF achieved net sales of Rs 725 crore in this quarter. The company sold a land parcel admeasuring 9 acres (approximately) to American Express for a consideration of Rs 300 crore during the quarter.

The firm also witnessed encouraging response from the market for its completed inventory, especially in the micro markets of DLF5/New Gurgaon in Gurugram. The company remains focused on monetizing the finished inventory.

Pursuant to the settlement of inter-company payables, the net debt for the company stood at Rs 4,461 crore at the end of the quarter

Further, DLF was included in the MSCI India Domestic Index. The changes will be implemented as of the close of 26 November 2019.

In a separate announcement, DLF announced the appointment of Vivek Anand as chief financial officer of the company designated as group chief financial officer.

DLF is a real estate developer.

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