DLF Announces Quarterly Results (2QFY20); Net Profit Up 35.3%

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DLF Announces Quarterly Results (2QFY20); Net Profit Up 35.3%
Tue, 12 Nov

DLF has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

DLF Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m21,39013,31217,15528.9%-19.8%
Other incomeRs m1,6592,0982,2457.0%35.4%
TurnoverRs m23,04915,41019,40125.9%-15.8%
ExpensesRs m14,79710,91513,65225.1%-7.7%
Gross profitRs m6,5935,3624,939-7.9%-25.1%
DepreciationRs m553511446-12.6%-19.3%
InterestRs m4,9645,3604,181-22.0%-15.8%
Profit before taxRs m2,7351,5892,55761.0%-6.5%
TaxRs m1,393100742644.3%-46.7%
Profit after taxRs m1,3421,4891,81521.9%35.3%
Gross profit margin%30.840.328.8
Effective tax rate%50.96.329.0
Net profit margin%5.89.79.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 19.8% on a year-on-year (YoY) basis. The expenses were down by 7.7% YoY during the same period.
  • The company's operating profit declined by 25.1% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 28.8% in 2QFY20 as against 30.8% in 2QFY19.
  • Depreciation charges declined by 19.3% and finance costs declined by 15.8% YoY, respectively.
  • Other income increased by 35.4% YoY during the quarter.
  • Net profit for the quarter increased by 35.3% YoY. Net profit margins during the quarter increased from 5.8% in 2QFY19 to 9.4% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 28.9% on a quarter-on-quarter (QoQ) basis. The expenses were up by 25.1% QoQ during the same period.
  • The company's operating profit declined by 7.9% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 28.8% in 2QFY20 as against 40.3% in 1QFY19.
  • Net profit for the quarter increased by 21.9% QoQ, while net profit margins declined from 9.7% in 1QFY19 to 9.4% in 2QFY20.

To see how DLF has performed over the last eight quarters,please visit here.

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DLF Share Price Performance

Over the last one year,DLF share price has moved up from Rs 171.5 to Rs 207.7, registering a Gain of Rs 36.2 or around 21.1%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 2,171.0 (up 0.8%). Over the last one year it has moved up from 1,734.5 to 2,171.0, a gain of 436 points (up 25.2%).

Overall, the S&P BSE SENSEX is up 15.9% over the year.

Current Valuations

At the current price of Rs 207.7, the price to earnings (P/E) ratio of DLF stands at 42.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.1 times.

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