DLF · Realty
DLF Ltd. reported revenue of ₹1,362 cr for April to June 2024, −4.3% on the year and −36.2% on the quarter.
Operating profit (EBITDA) was ₹229 cr, a margin of 16.8%, −1,102 bps on the year and −1,850 bps on the quarter. Operating costs grew +10.3%, faster than revenue at −4.3%, so operating profit grew less than sales.
Net profit was ₹645 cr, +22.6% on the year and −29.9% on the quarter, with earnings per share of ₹2.61. Profit before other income, one-offs and tax fell 66.9%, so 90 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹11.50 over the last four quarters, the stock at ₹673.25 trades at 58.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,348 cr | ₹1,521 cr | ₹2,135 cr | ₹1,362 cr | ₹1,975 cr | ₹1,529 cr | ₹3,128 cr | ₹2,717 cr | ₹1,643 cr | ₹2,020 cr | ₹1,814 cr | ₹1,280 cr |
| YoY | — | — | — | −4% | +47% | +1% | +47% | +99% | −17% | +32% | −42% | −53% |
| EBITDA margin | 34.3% | 33.6% | 35.3% | 16.8% | 25.4% | 26.2% | 31.3% | 13.4% | 17.3% | 19.3% | 22.7% | 11.7% |
| Other income, % of PBT | 28% | 24% | 23% | 80% | 36% | −54% | 21% | 51% | 82% | 55% | 47% | 77% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 26% | 21% | 26% | — | — | 17% | 26% | 26% | −1% | −14% | 27% |
| Net profit | ₹622 cr | ₹656 cr | ₹920 cr | ₹645 cr | ₹1,381 cr | ₹1,059 cr | ₹1,282 cr | ₹763 cr | ₹1,180 cr | ₹1,203 cr | ₹1,269 cr | ₹794 cr |
| YoY | — | — | — | +23% | +122% | +61% | +39% | +18% | −15% | +14% | −1% | +4% |
| Core profit YoY | — | — | — | −67% | +11% | −31% | +34% | +176% | −49% | +21% | −59% | −61% |
| EPS | ₹2.52 | ₹2.65 | ₹3.72 | ₹2.61 | ₹5.58 | ₹4.28 | ₹5.18 | ₹3.08 | ₹4.77 | ₹4.86 | ₹5.12 | ₹3.21 |
| Flags | · | · | · | 3 | 3 | 2 | 1 | 2 | 2 | 4 | 3 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
DLF Ltd. reported revenue of ₹1,362 cr (−4.3% on the year) and net profit of ₹645 cr (+22.6% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved −66.9% on the year, against +22.6% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.