DLF Ltd.'s share price rose over 7% on Monday after its second-quarter consolidated net profit more than doubled.
The net profit of the real estate major increased 122% year-on-year to Rs 1,381 crore in the July-September quarter, compared to Rs 623 crore in the same period last year. The results were announced after market hours on Friday.
Revenue from operations advanced 47% on a yearly basis to Rs 1,975 crore. While the Ebitda margin narrowed to 25.4% from the previous 34.3%.
The group reassessed deferred tax assets and liabilities, considering the effective tax rate as applicable on capital gains for the full year, which resulted in the reversal of deferred tax liabilities of Rs 605.79 crore in the second quarter.
Thus, this, along with higher other income, led to higher net profit growth for the quarter.
Collections will stay in the Rs 2,900-3,000 crore range for the next two quarters, company officials said during the post earnings conference call. It expects capex for flagship DLF Cyber City Developers Ltd. this year will be Rs 1,800 crore and in the next two-three years, it will go up by 18-20%.
Also Read: DLF's New Sales Bookings Drop 69% in Q2
DLF Share Price Movement
DLF stock move up.
DLF stock move up.
DLF's share price advanced as much as 7.6% intraday to Rs 835.95 apiece and continued to trade higher as of 11:15 a.m. The benchmark NSE Nifty 50 was up 0.9%.
The stock has risen 56% in the last 12 months and 15% on a year-to-date basis. The total traded volume so far in the day stood at 4.2 times its 30-day average. The relative strength index was at 39.
Seventeen out of the 20 analysts tracking DLF have a 'buy' rating on the stock, two recommend a 'hold' and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price target of Rs 953.24 implies a potential upside of 14%.
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