When the market opened for trading today morning, DLF was among the top five gainers on the BSE. The stock opened 3.5% higher at Rs.177.20 and went on to hit an intra day high at Rs.181.20, up 6%.
The market is pleased with the company’s Q4FY19 performance. It posted a whopping 76% (YoY) jump in net profit at Rs.437 crore on a 81% rise in revenue at Rs.2500 crore.
Operating profit was at Rs.534 crore v/s loss of Rs.14 crore.
What really helped boost the bottomline was the exceptional gain of Rs.127 crore though much lower than the gain of Rs.196 crore in previous Q4. The gain was on account of stake dilution in group company.
The company said, “DLF successfully completed the Qualified Institutional Placement of Rs 3,173 crore of equity and coupled with infusion of Rs 11,250 crore by the promoters, it has completely transformed its balance sheet. With the debt overhang behind us and completion of all legacy projects, DLF will now work with enhanced focus on generating free cash flow through monetization of our ready to occupy inventory. The Company is now entering into the next wave of asset build-out at certain select marquee locations in both, residential and commercial segments, which will enable substantial ROE growth.”