DLF · Realty
DLF Ltd. reported revenue of ₹2,135 cr for January to March 2024, — on the year and +40.4% on the quarter.
Operating profit (EBITDA) was ₹754 cr, a margin of 35.3%, — on the year and +172 bps on the quarter.
Net profit was ₹920 cr, — on the year and +40.2% on the quarter, with earnings per share of ₹3.72.
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 ₹11.02 over the last four quarters, the stock at ₹673.25 trades at 61.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹2,135 cr (— on the year) and net profit of ₹920 cr (— on the year) for January to March 2024.
None of the 2 checks that could run raised a question.
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