DLF announces Q1 Results for FY15

New Delhi, July 31, 2014: DLF Limited, India’s leading real estate company, recorded consolidated revenues of Rs 1852 crore for the quarter ended June 30, 2014, a decrease of 27% from Rs 2,522 crore in Q4 FY14. EBIDTA stood at Rs 863 crore, a decrease of 6% as compared to Rs 915 crore in the Q4FY14. Net profit is Rs 128 crore, a decrease of 42% compared to Rs 220 crore in Q4FY14. The non-annualized EPS for the quarter was Rs 0.72.

Recognizing that the real estate/housing sector is a key contributor to the growth of GDP and employment, the Government has announced a slew of measures in the Budget that will result in stimulus to the real estate industry in the medium term. Additional tax exemptions for consumers, categorization of ‘affordable’ housing an infrastructure status, and tax benefits to the REITs will go a long way in the revival of the industry.

The Company expects the market conditions to be challenging and demanding in the short term. Whilst the Company believes that the slowdown is bottoming out, it will take a couple of quarters for the ground situation to improve.

The Company wishes to reiterate that it remains committed to its medium term strategy of continuing with its execution run rate thereby creating more stock which can result in better and faster realizations as the cycle turns. Additionally, we continue to invest to improve the quality of land through payment of government charges and infrastructural improvements. Lastly, we remain focused to improve the quality and pricing of debt through instruments such as CMBSs.

Financial Highlights –

Q1 FY15 (all comparisons with Q1 FY14)

• Consolidated Revenue at Rs 1852 crore, down by 25% from Rs2,453 crore
• EBIDTA at Rs 863 crore, down by 18% from Rs 1,055 crore
• Consolidated PAT at Rs 128 crore, compared to Rs 181 crore
• EPS for the quarter at Rs 0.72

Q1 FY15 (all comparisons with Q4 FY14)

• Consolidated Revenue at Rs 1852 crore, compared to Rs 2,522 crore
• EBIDTA at Rs 863 crore, down by 6% from Rs 915 crore
• Consolidated PAT at Rs 128 crore, down by 42% from Rs 220 crore
• EPS at Rs 0.72, compared to Rs 1.23

Highlights - Q1 FY15

Business

• 0.38 msf sales booked in the quarter versus 0.44 msf in the previous quarter
• Leasing volumes of 0.71 msf during the quarter
• Total developable potential at 307 msf
• Handed over 1.83 msf of area during the quarter
• 57 msf of projects area under construction at the end of the quarter
• Realization from divestment of non- core assets at Rs 240 crore

Sources from Dlf Ltd