DLF's strategy of selling completed inventory and its focus on strength of balance sheet has borne fruit.
New Delhi: Real estate major DLF Limited has recorded consolidated revenues of Rs 2,406 crore for the quarter ended December 31, 2018, marking an increase from Rs 2,305 crore in the second quarter of fiscal year 2018-19.
EBIDTA (earnings before interest, tax, depreciation and amortisation) stood at Rs 827 crore, which was almost similar to Rs 825 crore in the Q2 FY19. Net consolidated profit stood at Rs 345 crore, a marginal decrease from Rs 376 crore in Q2 FY19, DLF said in a filing at stock exchanges on Wednesday.
The company’s strategy of selling completed inventory and its focus on strength of balance sheet has borne fruit. It recorded third consecutive quarter of healthy sales and second consecutive quarter of positive operating cash which stood at Rs 133 crore.
During Q3 FY18, DLF Ltd had an extraordinary income of Rs 8,569 cr on account of revaluation of its investment in DLF Cybercity Developers Limited (DCCDL) and fair valuation of certain other assets. Hence, the year-on-year figures are not comparable.
DCCDL recorded consolidated revenues of Rs 1,284 crore for the quarter ended December 31, 2018. EBIDTA stood at Rs 970 crore and net profit stood at Rs 335 crore.
"Our product and price mix in residential and commercial segment across geographies helps us mitigate risks. As markets rebound, there is high visibility of future cash flows arising from these segments," said the company statement.
"The completed, ready-to-move-in apartments in the residential segment will drive profitability as majority of the costs have already been incurred."
The office market continues to witness strong pre-leasing demand from Gurugram and Chennai. The company has pre-leased substantial space in its soon to be completed project Cyber Park in Gurgaon. DCCDL clocked in Rs 665 crore as rentals while DLF recorded Rs 140 crore rental revenue.
The company is progressing towards a conservative capital structure with a strong balance sheet, global partnerships and aims to adopt best-in-class standards for corporate governance, it said.