DLF Ltd., one of the largest real estate developers in India, saw its profit double in the first quarter of financial year 2016-17, but revenue missed street estimates.
Net profit for the April-June period grew to Rs 261.4 crore from Rs 125.9 crore in the corresponding period last year, it said in a stock exchange filing. The consensus of analyst estimates tracked by Bloomberg stood at Rs 132.5 crore.
The company saw an exceptional income of Rs 372.11 crore clocked by subsidiary DLF Utilities Ltd., which sold its exhibition cinema business DT Cinemas to PVR Ltd. for Rs 433 crore. Of the agreed amount, Rs 333 crore have been received by DLF Utilities while the remaining Rs 100 crore will be transacted upon completion of certain objectives. DT Cinemas which operated a total of 36 screens has sold 29 of them to PVR. DLF Utilities also recognised a provision of Rs 43 crore on account of the impairment of certain fixed assets.
Revenue for the quarter-ended June, however, declined 21.8 percent to Rs 1,867.5 crore from Rs 2,388.7 crore in the same quarter of the previous year. The Bloomberg consensus estimate was Rs 2,226.1 crore.
Earnings before interest, taxes, depreciation and amortisation decreased by 14.3 percent to Rs 744.8 crore from Rs 869.1 crore year-on-year. The EBITDA margin expanded by 350 basis points to 39.9 percent from 36.4 percent on a yearly basis.
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