Jobaaj Stories
Investors cheered DLF’s performance in the latest quarter as the stock jumped over 7% in today’s session to touch its 52-week high.
For the quarter ended in March 2023, the company’s revenues were down. The company’s revenues have been steadily declining over the quarter as the same stood at Rs 1,456.06 crores during the quarter, down 6% YoY and almost 3% sequentially. However, despite the reduction in revenues, the company’s expenses were lower while having a tax benefit for previous years. This helped the company report a 41% YoY profit growth, reaching Rs 569.60 crores.
For the period of 1 year ended in March 2023, the company saw a marginal decline in revenues, reaching Rs 5,695 crores. The company saw its highest sales booking of Rs 15,058 crores during the year, 107% higher than FY22 as it saw an overwhelming response for its latest luxury offering: The Arbour. The project was fully sold out during its pre-launch phase as the company was able to collect 10% of the sales value within 30 days of launch.
On the expenses front, the company’s employee benefit expenses grew but other important costs like Land, Finance, and other costs declined sharply during the year. Finance costs, in particular, declined the most during the year, down 37%. Although the Gross Margin of the company improved by 500 bps, the EBITDA margin fell by 100 bps.
Due to the absence of an exceptional loss of Rs 224 crores that was present last year and the strong contribution from DCCDL, the consolidated profit of the company grew 36% to Rs 2,034 crores against Rs 1,500 crores reported last year.
Moreover, the realty major has also stated that it will be revealing projects worth Rs 19,710 crores by March next year as it expects to achieve sale bookings of around Rs 12,000 crores backed by the strong housing demand. A dividend of Rs per share has been announced for FY23.
Shares of DLF saw a massive gap up opening today as it finally breached the Rs 440 level, which it could not for so long. The stock opened around Rs 443 per share and surged 7.4% throughout the day as it finally closed at Rs 468.15 per share, a price level the stock was unable to climb back to since late 2009!!!
—Aman Agarwal
