X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
DLF: Higher interest costs dent profits - Views on News from Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

DLF: Higher interest costs dent profits
Jan 30, 2008

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  
* On 9mFY08 annualised earnings

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.

To Read the Full Story, Subscribe or Sign In


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms

HOUSING DEV. INFRA SHARE PRICE


Jul 16, 2018 01:49 PM

TRACK HOUSING DEV. INFRA

  • Track your investment in HOUSING DEV. INFRA with Equitymaster's Portfolio Tracker. Set live price alerts, get research alerts and more. Get access now...
  • Add To MyStocks

MORE ON HOUSING DEV. INFRA

HOUSING DEV. INFRA 8-QTR ANALYSIS

COMPARE HOUSING DEV. INFRA WITH

MARKET STATS