1803 (3) 1703 (3) Var. (%) 1803 (12) 1703 (12) Var. (%) Sales 1377.66 2225.18 -38 6706.79 8221.23 -18 OPM (%) -1.0 31.9   35.4 41.8   OP -13.84 710.21 PL 2377.44 3433.29 -31 Other Income 468.26 286.19 64 956.92 719.28 33 PBIDT 454.42 996.40 -54 3334.36 4152.57 -20 Interest 516.92 738.26 -30 2950.71 2979.82 -1 PBDT -62.50 258.14 PL 383.65 1172.75 -67 Depreciation 62.28 140.16 -56 533.53 572.49 -7 PBT -124.78 117.98 PL -149.88 600.26 PL EO Income 196.00 94.07 108 8765.34 429.26 999 PBT after EO 71.22 212.05 -66 8615.46 1029.52 737 Taxation 33.44 53.72 -38 4323.05 229.27 999 PAT 37.78 158.33 -76 4292.41 800.25 436 Share of profit in Associates 205.48 -15.67 LP 184.38 -92.26 LP PAT after JV profit/loss 243.26 142.66 71 4476.79 707.99 532 Other Comprehensive Income (Net of tax) -3.54 -7.03 -50 12.08 -13.82 LP Net profit before profit attributable to NCI 239.72 135.63 77 4488.87 694.17 547 Profit attributable to Non-controlling Interest (NCI) -4.47 -6.48 -31 12.93 -6.80 -290 Net Profit attributable to Owners 244.19 142.11 72 4475.94 700.97 539 EPS (Rs)** # #   0.5 2.1   ** Annualised on current equity of Rs 356.81 crore. Face Value: Rs 2
Var. (%) exceeding 999 has been truncated to 999
LP: Loss to Profit PL: Profit to Loss
# Industry being seasonal EPS not annualised
Figures in Rs crore
Source: Capitaline Corporate Database " />
single

DLF, India's largest real estate development company has registered 31% growth in its consolidated revenue to Rs 2219.28 crore for the quarter ended December 2018. But with operating profit margin (OPM) contract by 1260 bps to 28.8%, the operating profit was down by 9% to Rs 639.91 crore. After accounting for higher other income, lower interest and depreciation cost the PBT (before EO) was higher at Rs 237.48 crore compared to a loss of Rs 171.70 crore in the corresponding previous period. EO income for the quarter was nil compared to Rs 8569.34 crore in corresponding previous period. Thus on inflated base the PBT after EO was down by 97% to Rs 237.48 crore. With taxation stand lower by 97% to Rs 126.25 crore, the PAT was Rs 111.23 crore, a fall of 97% from an Rs 125.55 crore in the corresponding previous period.

Share of profit from associates was at Rs 222.42 crore as against modest Rs 1.92 crore in the corresponding previous period. Thus the PAT after JV profit was Rs 333.65 crore, a fall of 92%. Other comprehensive income was up by 5% to Rs 9.55 crore. Thus net profit before minority interest/profit attributable to NCI was down by 92% to Rs 343.20 crore. Profit attributable to non controlling interest was a loss of Rs 1.50 crore compared to a profit of Rs 20.68 crore in the corresponding previous period. Thus the net profit attributable to owners jumped to Rs 344.70 crore, a fall of 92%.

Profit for the corresponding previous quarter is inflated by one-time exceptional gain on account of restatement of the DLF' s investment in DCCDL at fair market value based on Ind AS 110, as DCCDL is now being accounted as a Joint venture instead of a subsidiary. So gain on deemed disposal of DCCDL Group was Rs 9927.13 crore. Adding this to fair valuation gain on certain other investment amounting to Rs 414.66 crore, the aggregate exception gain worked out to Rs 10341.79 crore. After adjusting for impairments and provisions relating to valuation of certain assets, land parcels and investments amounting Rs 17772.5 crore, the net EO was an income of Rs 8569.34 crore.

Nine month performance

Sales were higher by 10% to Rs 5865.66 crore. With OPM contract to 27.4% (from 44.9%) the operating profit was down by 33% to Rs 1607.83 crore. After accounting for marginally higher other income, lower interest and lower depreciation, the PBT before EO was a profit of Rs 415.96 crore compared to a loss of Rs 25.08 crore in the corresponding previous period. The EO income was nil for the period compared to an income of Rs 8569.34 crore in the corresponding previous period. Thus on inflated base, the PBT after EO was down by 95% to Rs 415.96 crore. The taxation was down by 94% to Rs 239.59 crore and thus the growth at PAT was down by 96% to Rs 176.37 crore.

After accounting for share of profit from associates of Rs 702.93 crore (compared to a loss of Rs 21.11 crore in the corresponding previous period) the PAT after JV profit/loss was down by 79% to Rs 879.30 crore. The other comprehensive income was a profit of Rs 23.26 crore, a growth of 49%. Thus the net profit was down by 79% to Rs 902.56 crore. Profit attributable to non controlling interest was a share of profit of Rs 3.36 crore compared to a share of loss of Rs 17.40 crore in the corresponding previous period. Thus the net profit attributable to owners was down by 79% to Rs 905.92 crore.

Other developments

Ind AS 115 Revenue from Contracts with Customers, mandatory for reporting periods beginning on or after April 1, 2018, replaces existing revenue recognition requirements. The application of Ind AS 115 has impacted the Group's accounting for recognition of revenue from real estate projects.

The Group has applied the modified retrospective approach to contracts that were not completed as of April 1, 2018 and has given impact of Ind AS 115 application by debit to retained earnings as at the said date by Rs 5383.94 crore (net of tax) pertaining to recognition of revenue based on satisfaction of performance obligation at a point in time. Accordingly, the figures for the comparative previous periods have not been restated and hence the current period figures are not comparable with previous period figures. Due to the application of Ind AS 115 for the quarter and nine months ended December 31, 2018, revenue from operations is higher by Rs 1348.63 crore and Rs 2532.78 crore respectively and net profit after tax for the quarter and nine months ended December 31, 2018 is higher by Rs 286.30 crore and Rs 794.41 crore respectively, than what it would have been if replaced standards were applicable.

 DLF : Consolidated Financial Results

 

 

  1812 (3) 1712 (3) Var. (%) 1812 (9) 1712 (9) Var. (%) 1803 (12) 1703 (12) Var. (%)
Sales 2219.28 1693.72 31 5865.66 5329.13 10 6706.79 8221.23 -18
OPM (%) 28.8 41.4   27.4 44.9   35.4 41.8  
OP 639.91 701.29 -9 1607.83 2391.28 -33 2377.44 3433.29 -31
Other Income 186.61 161.49 16 502.80 488.67 3 956.92 719.28 33
PBIDT 826.52 862.78 -4 2110.63 2879.95 -27 3334.36 4152.57 -20
Interest 532.85 856.52 -38 1526.77 2433.78 -37 2950.71 2979.82 -1
PBDT 293.67 6.26 999 583.86 446.17 31 383.65 1172.75 -67
Depreciation 56.19 177.96 -68 167.90 471.25 -64 533.53 572.49 -7
PBT 237.48 -171.70 LP 415.96 -25.08 LP -149.88 600.26 PL
EO Income 0.00 8569.34 -100 0.00 8569.34 -100 8765.34 429.26 999
PBT after EO 237.48 8397.64 -97 415.96 8544.26 -95 8615.46 1029.52 737
Taxation 126.25 4287.61 -97 239.59 4289.61 -94 4323.05 229.27 999
PAT 111.23 4110.03 -97 176.37 4254.65 -96 4292.41 800.25 436
Share of profit in Associates 222.42 1.92 999 702.93 -21.11 LP 184.38 -92.26 LP
PAT after JV profit/loss 333.65 4111.95 -92 879.30 4233.54 -79 4476.79 707.99 532
Other Comprehensive Income (Net of tax) 9.55 9.07 5 23.26 15.61 49 12.08 -13.82 LP
Net profit before profit attributable to NCI 343.20 4121.02 -92 902.56 4249.15 -79 4488.87 694.17 547
Profit attributable to Non-controlling Interest (NCI) -1.50 20.68 PL -3.36 17.40 PL 12.93 -6.80 -290
Net Profit attributable to Owners 344.70 4100.34 -92 905.92 4231.75 -79 4475.94 700.97 539
EPS (Rs)** # #   # #   0.5 2.1  
** Annualised on current equity of Rs 356.90 crore. Face Value: Rs 2
Var. (%) exceeding 999 has been truncated to 999
LP: Loss to Profit PL: Profit to Loss
# Industry being seasonal EPS not annualised
Figures in Rs crore
Source: Capitaline Corporate Database

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