DLF builds up annual revenue by 20% to Rs 9,819 cr

DLF Ltd, the country’s largest realty firm, recorded consolidated revenues of Rs 9,819 crore for the financial year ended March  31, 2016, up by 20 per cent from Rs 8,168 crore in the previous financial year. Its EBIDTA stood at Rs 4,425 crore, reflecting an increase of 25 per cent from Rs 3,543 crore. 

Net profit stood at Rs 549 crore compared to Rs 540 crore in FY15. The EPS for the year stood at Rs 3.08. The Board of Directors has confirmed that the interim dividend declared in March would be the final dividend for 2015-16. 

Revenues for the fourth quarter of 2015-16 stood at Rs 2,496 crore, a decrease of 16 per cent from Rs 2,981 crore in the third quarter. EBIDTA stood at Rs 1,035 crore, a decline of 25 per cent from Rs 1,379 crore.  Consolidated PAT was at Rs 132 crore, a decrease of 19 per cent from Rs 164 crore in the previous quarter.

The residential sector remained soft during the year, with muted demand across most micro-markets in which the company is present. DLF 5, however, continued to garner good interest and clocked healthy sales amounting to approximately Rs 2,940 crore. 

During the last few quarters, the company has witnessed a large number of inquiries, signaling early green shoots of recovery for the sector. The company believes that the sector may see a turnaround in the near future.

The annuity business continues to experience healthy interest and an upward trajectory for rentals. Since most of the office stock in Cyber City has been absorbed, the company has started construction of a new project: Cyber Park with an approximate size of 2.2 msf (including TOD). 

The company also officially opened its first destination mall: Mall of India at Noida with around 90  per cent pre-leasing. “Parliament has finally approved the Real Estate (Regulation and Development) Act, 2016, which the company believes to be the first step in institutionalising the sector and creating a robust industry wide framework.” 

The company strongly believes that this will be an enormous help in reviving customer confidence and increasing transparency in the sector.  The transaction relating to sale of CCPS by the promoters is currently underway and is receiving good response from the investors.

DLF’s net debt rose by nearly Rs 800 crore in the January-March quarter of the last fiscal to cross Rs 22,000 crore due to the real estate sector slowdown. It expects to get expressions of interest from potential investors from June onwards to acquire promoters’ 40 per cent stake in its rental arm DLF Cyber City Developers Ltd (DCCDL) for an estimated Rs 12,000-14,000 crore.

DLF’s net debt stood at Rs 22,202 crore at the end of March quarter of the last fiscal against Rs 21,411 crore as on December 31, 2015.