Real estate major DLF Ltd’s share price rose 8.25 per cent on Monday’s intraday trades to reach a fresh 52-week high of ₹ 464.00 apiece on the National Stock Exchange (NSE). At 2:17 PM, its shares quoted at ₹ 472.45 apiece, up 8.25 per cent.
DLF is primarily engaged in the business of colonisation and real estate development. It is also engaged in the businesses of leasing, generation of power, provision of maintenance services, hospitality and recreational activities.
Result
The company’s consolidated revenue from operations came in at ₹ 1456.06 crores for the January to March quarter (Q4FY23), down 5.89 per cent as compared to ₹ 1547.26 crores in the corresponding quarter last year (Q4FY22). Its net profit rose by 40.45 per cent to ₹ 569.60 crores in Q4FY23, as compared to ₹ 405.54 crores in Q4FY22.
For the full-year (FY23), its consolidated revenue from operations came in at ₹ 5694.83 crores, down 0.39 per cent from ₹ 5,717.39 crores reported in FY22. However, Its net profit climbed 35.57 per cent to ₹ 2033.95 crores in FY23, as compared to ₹ 1,500.32 crores in FY22.
Dividend
DLF’s board in its meeting held on May 12, 2023, has recommended a dividend of ₹ 4 per equity share (200 per cent of the face value of ₹ 2 each) for the financial year 2022-23, subject to approval by shareholders. The record date will be intimated in due course.
Business Highlights
The company said that its residential business delivered a record performance by clocking sales bookings of ₹ 15,058 crores including new sales bookings of ₹ 8,458 crores, reflecting a year-on-year YoY growth of 210 per cent. It said that it will launch projects worth ₹ 19,710 crores for sale by March next year, and it aims to achieve sale bookings of around ₹ 12,000 crores in this fiscal on strong housing demand.
It added that its strong business performance led to a healthy surplus cash generation enabling significant strengthening of its balance sheet. Moreover, its net debt now stands reduced to ₹ 721 crores and its credit rating was upgraded to CRISIL AA/Stable outlook and ICRA AA/Stable outlook.
Financials
DLF is a large-cap company with a market capitalization of ₹ 1,07,911 crores. It has a low return on equity of 4.19 per cent. However, it has an ideal debt-to-equity ratio of 0.11 and a dividend yield of 0.69 per cent. The company’s promoters hold a 74.95 per cent stake in it,
followed by foreign institutions with 14.66 per cent, retail investors with 5.30 per cent, mutual funds with 3.71 per cent and other domestic institutions with 1.38 per cent.
Written by Simran Bafna
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