DLF Q2 Results: Profit Surges To More Than Twofold, Revenue Up 47%

Real estate major DLF Ltd.'s consolidated net profit increased 122% year-on-year to Rs 1,381 crore in the quarter-ended September, according to an exchange filing.

Revenue from operations advanced 47% on a yearly basis to Rs 1,975 crore during the July-September quarter.

• Revenue up 47% to Rs 1,975 crore versus Rs 1,348 crore

• Ebitda up 9% to Rs 502 crore vs Rs 462 crore

• Margin narrowed to 25.4% versus 34.3%

• Net profit up 122% to Rs 1,381 crore vs Rs 622 crore

The group has 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 crores in the second quarter.

Thus, this, along with higher other income, led to higher net profit growth for the quarter.

Additionally, it is to be noted that the company is to merge 16 of its wholly owned subsidiaries with itself as part of the business consolidation strategy and to reduce the number of entities within the group. This will enable synergies of operations, reduction in overheads including administrative, and other expenditure.

Shares of DLF closed nearly 3% lower at Rs 777.70 apiece ahead of the results announcement, as compared with a 0.8% decline in the benchmark Sensex.