Dear All,
Forwarding you the Financial Result Highlights on DLF for 4QFY2011 and FY2011.
· For 4QFY2011, DLF’s net sales increased by 34.5% yoy to `2,683cr on the back of higher realisation yoy. However, net sales were below our estimates of `2,796cr. For FY2011, the company registered a 28.8% yoy increase in net sales to `9,561cr, slightly below our expectation of `9,674cr.
· EBITDA for the quarter declined by 33.4% yoy to `666cr due to higher construction cost including land, which increased by 207% yoy to `1,409cr. Consequently, operating margin declined by 2,531bp yoy to 24.8%. For the full year, EBITDA increased by 6.9% yoy to `3,753cr, but margin declined by 806bp to 39.3%.
· For 4QFY2011, DLF’s PAT declined by 19.2% yoy to `345cr on the back of margin compression during the quarter. Consequently, PAT margin declined by 854bp yoy to 12.8%. For FY2011 as well, the company’s PAT declined by 4.7% yoy to `1,640cr due to lower operating margin. PAT margin for FY2011 stood at 17.1%, down 602bp yoy.
· During the quarter, DLF sold 3.8mn sq. ft. of land as against 2.5mn sq. ft. in 3QFY2011. The company also leased 1.4mn sq. ft. of commercial space during the quarter. Further, the company launched two projects in Delhi and Chandigarh with combined saleable space of 2.8mn sq. ft. During 4QFY2011, DLF realised `160cr through non-core assets divestments.
· We continue to remain Neutral on the stock. (We will be releasing a detailed result note post the management’s conference call.)
| Y/E March (` cr) | 4QFY11 | 3QFY11 | % chg (qoq) | 4QFY10 | % chg (yoy) | FY2011 | FY2010 | % chg |
| Net Sales | 2,683 | 2,480 | 8.2 | 1,994 | 34.5 | 9,561 | 7,423 | 28.8 |
| Operating profit | 666 | 1,178 | (43.4) | 1,000 | (33.4) | 3,753 | 3,512 | 6.9 |
| OPM (%) | 24.8 | 47.5 | (2,267)bp | 50.1 | (2,531)bp | 39.3 | 47.3 | (806)bp |
| Interest expenses | (456) | (428) | 6.5 | (315) | 44.8 | (1,706) | (1,110) | 53.7 |
| Depreciation | (166) | (161) | 2.9 | (95) | 75.0 | (631) | (325) | 94.1 |
| Other Income | 187 | 114 | 63.7 | 152 | 23.0 | 584 | 428 | 36.4 |
| PBT | 231 | 703 | (67.1) | 742 | (68.8) | 2,000 | 2,505 | (20.1) |
| Provision for Taxation | (16) | (203) | (92.3) | (236) | (93.4) | (459) | (702) | (34.6) |
| Tax rate (%) | 6.7 | 28.9 | (76.7) | 31.8 | | 23.0 | 28.0 | |
| PAT before Extra-ordinary item | 216 | 500 | (56.8) | 506 | (57.4) | 1,541 | 1,802 | (14.5) |
| Exceptional | 94 |
No comments:
Post a Comment