DLF builds up, slowly
DLF builds up, slowly
The market seems to be happy with the Q2FY16 performance of DLF. The stock is currently up 3% at Rs.124 levels with an intra day at Rs.125.60. Its 52-week high and low stands at Rs.179 and Rs.93 respectively. Volumes are up almost two times.
For Q2FY16, the company posted a 7% (YoY) drop in its consolidated net sales at Rs.1865 crore. Thanks to the good 21% drop in costs, EBITDA rose 18% despite the lower sales. It came in at Rs.939 crore. Margins improved from 39.54% to 50.34%. Its main cost – developmental rights, cost of land, constructed properties and the rest was down 20%. Net profit was at Rs.132 crore, up 20%.
Its main bone of contention remains debt. As at 30th Sept 2016, it stood at Rs.22,432 crore, up 8%. Interest outgo for the quarter was at Rs.705 crore, up 15% and this eats away 38% of the net revenue earned. For H1FY16, interest outgo was at Rs.1309 crore. Cash balance has come down 15% at Rs.2338 crore.