India's DLF posts higher Q2 profit on sales of previously-launched houses
25/10/2024 14:07
Oct 25 (Reuters) - India's DLF DLF.NS reported a jump in second-quarter profit on Friday, helped by sales of
housing units launched in previous quarters in its key national capital region market.
The property firm reported consolidated profit before tax of 5.77 billion rupees (about $69 million) for the
three-months ended Sept. 30, up 24% from last year.
Revenue from operations rose 47% to 19.75 billion rupees.
It also reported a net tax gain worth 4.67 billion rupees due to reversal of a tax liability, which resulted in its
total profit for the quarter more than doubling to 13.81 billion rupees.
For further earnings highlights, click urn:newsml:reuters.com:*:nFWN3M11V6
KEY CONTEXT
India's housing sector has seen sustained demand for home ownership over the past few quarters, particularly for
higher-margin premium properties.
Property launches in the NCR, DLF's mainstay market, rose 53% on-year during the reported quarter - the highest jump
among seven major real estate markets in the country, data from consultancy firm Anarock showed.
There were no new launches from DLF in the quarter but the company managed to sell previously-completed apartments,
also called sustenance sales, Antique Stock Broking said.
PEER COMPARISON
Estimates (next 12 Estimates (next 12 Analysts' sentiment
months) months)
RIC PE EV/EBITD Revenue Profit Mean # of Stock to Div
A growth (%) growth (%) rating* analyst price yield
s target** (%)
DLF DLF.NS 50.20 62.13 26.68 24.83 Buy 16 0.85 0.62
Max Estates MAXS.NS 920.06 128.26 36.59 -78.38 Strong 2 0.81 -
Buy
Godrej Properties GODR.NS 61.17 83.62 42.71 33.83 Buy 17 0.86 -
Signatureglobal SIGT.NS 22.61 16.60 91.86 147.62 Strong 3 0.77 -
Buy
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above
the PT
JULY-SEPTEMBER STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 84.0570 Indian rupees
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DLF Q2 VS PEERS https://tmsnrt.rs/3YwVPQA
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(Reporting by Hritam Mukherjee in Bengaluru; Additional reporting by Manvi Pant; Editing by Varun H K)
((Hritam.Mukherjee@thomsonreuters.com; Twitter: @MukherjeeHritam;))