India's DLF reports Q3 profit jump on sustained housing demand
24/01/2024 11:07
BENGALURU, Jan 24 (Reuters) - Indian real estate firm DLF DLF.NS reported a 26% jump in third-quarter profit
on Wednesday, boosted by sustained residential demand in the country.
Consolidated net profit rose to 6.57 billion rupees ($79.1 million) in the quarter ended Dec. 31 from 5.19 billion
rupees a year ago.
Revenue from operations rose nearly 2% to 15.21 billion rupees.
For further earnings highlights, click urn:newsml:reuters.com:*:nFWN3EE027
KEY CONTEXT
Indian real estate developers have benefited from a surge in residential demand as homebuyers lapped up new
apartments, unfazed by high borrowing rates. The growth has pushed the realty index .NIFTYREAL higher by more than
81% last year, outpacing a 20% climb in benchmark Nifty 50 index .NSEI .
Luxury properties are likely to see higher appreciation in value, analysts say, driving growth in the DLF's core
market, the national capital region (NCR).
PEER COMPARISON
Valuation (next Estimates (next 12 Analysts' sentiment
12 months) months)
RIC PE EV/EBIT Revenue Profit Mean # of Stock to Div
DA growth growth rating* analysts price yield
target** (%)
DLF Ltd DLF.NS 54.70 64.69 19.84 28.37 Buy 15 1.06 0.54
Sobha Ltd SOBH.NS 33.06 18.15 19.68 102.75 Buy 12 1.14 0.22
Macrotech MACE.NS 41.59 30.46 28.08 40.57 Buy 14 1.14 0.09
Developers Ltd
Prestige Estates PREG.NS 45.09 18.26 19.24 -8.93 Buy 16 1.05 0.13
Projects Ltd
* 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
OCTOBER-DECEMBER STOCK PERFORMANCE
-- All data from Refinitiv
-- $1 = 83.1060 Indian rupees
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OCT-DEC STOCK PERFORMANCE https://tmsnrt.rs/4b39hQN
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(Reporting by Hritam Mukherjee and Anisha Ajith in Bengaluru; Editing by Janane Venkatraman)
((Hritam.Mukherjee@thomsonreuters.com; Twitter: @MukherjeeHritam;))