Oct 21, 2022, 07:00 pm
Commercial real estate developer, DLF posted a 25.89% rise in consolidated net profit of ₹477.04 crore which is attributable to owners in the July - September 2022 (Q2FY23) quarter, compared to a profit of ₹378.93 crore clocked in the same period last year. The Q2 PAT climbed by 1.59% however compared to ₹469.57 crore in the preceding quarter. The company's board approved fundraising to the tune of ₹1,500 crore via non-convertible debentures on Friday.
However, in Q2FY23, the company's top-line front declined by 12.06% to ₹1,302.34 crore from ₹1,480.90 crore recorded in Q2FY22. Also, revenue dropped by 9.66% from ₹1,441.63 crore posted in Q1FY23.
EBITDA stood at ₹436.7 crore in the quarter under review, lower by 4.7% from ₹458.3 crore in Q2 of FY22. Margins expanded to 33.5% in Q2FY23 versus 30.9% in Q2FY22.
Despite a drop in EBITDA and revenue, the company's PAT jumped after the company witnessed a profit of ₹216.93 crore in associates and joint ventures during Q2FY23. The company's share of profits in associates and joint ventures stood at ₹151.79 crore in Q2FY22 and ₹211.06 crore in Q1FY23.
Also, DLF saw a sharp decline in total expenses to ₹1,009.27 crore in Q2FY23 against ₹1,235.79 crore in Q2FY22 and ₹1,170.52 crore in Q1FY23.
For six months period of FY23, DLF's consolidated net profit jumped to ₹946.61 crore compared to ₹716.05 crore in the corresponding period of the previous year. Revenue for H1FY23 surged to ₹2,743.97 crore versus ₹2,620.43 crore in H1FY22.
On a standalone basis, the company's net profit stood at ₹970.92 crore in H1FY23 versus ₹848.09 crore in H1FY22, while revenue came in at ₹1,793.69 crore in H1FY23 lower than ₹1,853.68 crore in H1FY22.
In its regulatory filing, DLF said the board, "approved enabling resolution for raising of funds through NCDs and/ or other debt securities for an amount not exceeding ₹1,500 crore."