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- Jan 30, 2008 - DLF: Higher interest costs dent profits
DLF: Higher interest costs dent profits
Performance summary
- 3QFY08 topline grows 11% QoQ (it being the third quarterly result post listing, the YoY figures are not available).
Operating margins contracts by 0.5% QoQ during the quarter – higher construction costs impact the same.
PAT grows by 6% QoQ largely impacted by lower other income and higher interest costs.
| (Rs m) | 2QFY08 | 3QFY08 | Change |
| Sales | 32,499 | 35,984 | 10.7% |
| Expenditure | 9,863 | 10,970 | 11.2% |
| Operating profit (EBDITA) | 22,637 | 25,014 | 10.5% |
| Operating profit margin (%) | 69.7% | 69.5% | |
| Other income | 993 | 528 | -46.8% |
| Interest | 36 | 788 | 2064.0% |
| Depreciation | 110 | 148 | 35.1% |
| Profit before tax | 23,484 | 24,606 | 4.8% |
| Tax | 3,301 | 3,218 | -2.5% |
| Minority interest | 9 | 4 | |
| Share in associates | 6 | 57 | |
| Profit after tax/(loss) | 20,186 | 21,450 | 6.3% |
| Net profit margin (%) | 62.1% | 59.6% | |
| No. of shares (m) | 1,704.8 | 1,705.2 | |
| Diluted earnings per share (Rs) * | 44.4 | ||
| P/E ratio (x) * | 20.0 |
What to expect?
At the current price of 881, the stock is trading at a multiple of 14.1 times our estimated FY10 earnings. We had recommended a ‘Hold’ on the stock in December 2007 at Rs 1,021 with a March 2010 target prices of Rs 1,380. The stock went up 20% from our recommendation to a high of Rs 1,225 but has since then declined mainly due to the broader market contraction. We, thus, maintain our positive view on the stock. We will put up a detailed analysis of the result post the conference call that is scheduled for February 1, 2008.|
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