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Real Estate major DLF Ltd reported a 15.1% decline in profits as profit for the quarter ended in March 2022 came in at Rs 405.33 crores against Rs 477.4 crores for the corresponding quarter last year.
Net sales of the company declined 9.7% to Rs 1,547.26 crores as the company's expenditure also fell 6.3% to Rs 1,179.72 crores. EBITDA for the quarter stood at Rs 472 crores, resulting in a 23% decline due to lower-income during the quarter, ending up with an EBITDA margin of 29% for the relevant quarter.
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For the period of 12 months ended on 31st March 2022, the company reported a 44.9% surge in profits as profits for the current year came in at Rs 1,663.43 crores. The company's residential business posted a record growth of 136% YoY with new sales bookings of Rs 7,273 crores. The company had a net debt of Rs 2,680 crores, down 46%.
“We witnessed strong growth across all our segments with the luxury segment-leading this trend. Our super luxury offering - The Camellias, continues to evince strong customer interest and delivered healthy sales bookings of Rs 2,550 crore during the fiscal. Our new product launches across New Delhi, Gurugram and Chennai continue to receive encouraging responses from the market vindicating demand for quality products in established locations. The continued momentum further demonstrates rising customer preference toward larger and more credible brands with proven track records. New products sales bookings stood at around Rs 4,683 crore during the fiscal,” the company said.
The stock of DLF has wiped out all the gains it had when it jumped 36% in late September 2021. The share had breached though Rs 400 from Rs 323 in a span of 2 days at the time. However, in late October 2021, the stock had started descending.
Today, the stock witnessed a full gap down opening as it currently trades around Rs 320 per share, marking an 18.75% loss to investors since the beginning of 2022.
Article by Aman Agarwal.
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