DLF gains on better than expected Q1 earnings

Q1 net profit at Rs 181 crore against an average analysts estimates of Rs 158 crore, on back of higher sales.

DLF is trading higher by 5% at Rs 145 after reporting a better than expected consolidated net profit at Rs 181 crore for the quarter ended June 30, 2013 (Q1) on back of higher sales. The real estate developer had loss of Rs 4 crore in March quarter and profit of Rs 293 crore in year ago quarter.

The company’s operational income for the quarter grew by 5.3% at Rs 2,314 crore against Rs 2,198 crore in the corresponding quarter of previous fiscal.

Analyst on an average had expected profit of Rs 158 crore and sales of Rs 2,176 crore for the quarter.

EBIDTA margin came in at 39.6% in 1QFY2014 which was above street estimate of 37.0%.

The stock opened at Rs 144 and hit a high of Rs 148 on BSE. A combined 3.36 million shares changed hands on the counter in morning deals on BSE and NSE.