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DLF Ltd Announces Q1 FY14 Results
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siliconindia
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Monday, August 19, 2013
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New Delhi : DLF Limited, India's largest real estate company, recorded consolidated revenues of Rs 2,453 crore for the quarter ended June 30, 2013, an increase of 6% from the previous quarter. EBIDTA stood at Rs1,055 crore while net profit stood at 
181 crore. The non-annualised EPS for the quarter was Re 1.04.
The benefit of the revised strategy, which was articulated in February 2013 has now started to flow. The Company remains focused on creating a business model of highly stable and predictable earnings, cash flows and long term value creation. The Company continues to concentrate its efforts on reduction of net debt by increasing its operating cash flows and non-core divestments thereby increasing ROEs.
The Company successfully placed its equity shares via IPP to top institutional investors across various geographies raising 1863 crore.
During the Quarter, the Company achieved sales bookings of 2,430 crore compared to a total of 3,800 crore for the full year of FY13. DLF received an overwhelming response to the much awaited launches of DLF 5 , Gurgaon projects namely The Crest wherein 0.83 msf area was sold at an average price of 17,500 psf. The forthcoming project of Camellias was also test marketed and the results were very encouraging.Besides DLF 5 launches, the Company achieved sales in cities such as Lucknow, Panchkula, New Chandigarh and Banglore.
The construction of 1.8 msf Mall of India, Noida continues to make progress and is slated to open by end of FY14.
On the divestment side, the Company completed the closure of wind energy portfolio with respect to Gujarat and Tamil Nadu circles.Definitive agreements were signed to sell the stake in the Insurance JV with Prudential, subject to regulatory approvals.
On Aman divestment, post opening of the process to other bidders/investors and their subsequent positive response specifically in terms of value, the Company remainsquite confident of a closure of the transaction in a short period of time.
The Company remains committed to its debt reduction plan through various divestments. The net debt declined to Rs 20,369 crore at the end of the quarter. The Company reiterates its annual guidance of net debt reduction to 17,500 crore by end of FY14.
The Company continues to maintain a comfortable liquidity position having 3,175 crore of cash on its books. With the uptick in sales bookings, which was very evident from the Q1 sales, the cash position is likely to improve substantially.
Sources By : DLF Ltd
181 crore. The non-annualised EPS for the quarter was Re 1.04.
The benefit of the revised strategy, which was articulated in February 2013 has now started to flow. The Company remains focused on creating a business model of highly stable and predictable earnings, cash flows and long term value creation. The Company continues to concentrate its efforts on reduction of net debt by increasing its operating cash flows and non-core divestments thereby increasing ROEs.
The Company successfully placed its equity shares via IPP to top institutional investors across various geographies raising 1863 crore.
During the Quarter, the Company achieved sales bookings of 2,430 crore compared to a total of 3,800 crore for the full year of FY13. DLF received an overwhelming response to the much awaited launches of DLF 5 , Gurgaon projects namely The Crest wherein 0.83 msf area was sold at an average price of 17,500 psf. The forthcoming project of Camellias was also test marketed and the results were very encouraging.Besides DLF 5 launches, the Company achieved sales in cities such as Lucknow, Panchkula, New Chandigarh and Banglore.
The construction of 1.8 msf Mall of India, Noida continues to make progress and is slated to open by end of FY14.
On the divestment side, the Company completed the closure of wind energy portfolio with respect to Gujarat and Tamil Nadu circles.Definitive agreements were signed to sell the stake in the Insurance JV with Prudential, subject to regulatory approvals.
On Aman divestment, post opening of the process to other bidders/investors and their subsequent positive response specifically in terms of value, the Company remainsquite confident of a closure of the transaction in a short period of time.
The Company remains committed to its debt reduction plan through various divestments. The net debt declined to Rs 20,369 crore at the end of the quarter. The Company reiterates its annual guidance of net debt reduction to 17,500 crore by end of FY14.
The Company continues to maintain a comfortable liquidity position having 3,175 crore of cash on its books. With the uptick in sales bookings, which was very evident from the Q1 sales, the cash position is likely to improve substantially.
Sources By : DLF Ltd
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