Country’s largest realty firm, DlF announced its quarter first results on Tuesday. Company’s net profit fell by 38 per cent to Rs 181.19 crore for quarter ended June 30, 2013. Nearly 20 per cent rise in expense payments was the biggest reason that dented company’s net profit.
Company has been reporting a decline on profit front during the first quarter since the last four years. In Q1 FY11 DlF’s net profit stood at Rs 411 crore but in Q1 FY12, it fell nearly by 13 per cent to Rs 358 crore. The same downfall continued in Q1 FY13 as profit fell by 18 per cent to Rs 293 crore.On the other side, company reported a rise of 5 per cent in income from operations which jumped to Rs 2,314.08 crore as compared to Rs 2,197.71 crore during the same quarter in the previous fiscal.
The expense payments of the company rose by 20.4 per cent to Rs 1,576.71 crore as compared to Rs 1,309.26 crore in the last financial year. The company registered sales bookings of Rs 2,430 crore compared to a total of Rs 3,800 crore that it achieved in FY 13. Finance costs have also reduced by 5 per cent to Rs 591.40 crore as the company has reduced its debt by nearly Rs 1,300 crore. The net debt on the company fell to Rs 20,369 crore at the end of the first quarter from Rs 21,731 crore as on March 31, 2013.
DlF sold 1.81 million square feet of space for Rs 2,430 crore during April- June quarter of this fiscal against 2 million square feet sold for Rs 1,240 crore in the January-March period. DlF’s Gurgaon Phase 5 added Rs 1,990 crore in the total booking during the first quarter. The company achieved gross sales bookings of Rs 2,430 crore during Q1 against Rs 3,800 crore for FY13, it added. Of the total bookings in April-June, Gurgaon phase 5 contributed the maximum at Rs 1,990 crore. The company launched “The Crest,” a luxury home project, in Gurgaon phase 5 to an extremely strong response and the test marketing of “The Camellias” met with an encouraging response, according to the presentation.