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DLF shares surge nearly 6% on March quarter earnings

DLF has reported 79 per cent growth in its net profit at 435 crore for the fourth quarter ended March 31, 2019, compared to Rs 247.73 crore in the year-ago period; total income jumped 44 per cent to Rs 2,661 crore during Q4FFY19 from Rs 1,845.92 crore in Q4FY18.

twitter-logo BusinessToday.In   New Delhi     Last Updated: May 22, 2019  | 15:01 IST
DLF shares surge nearly 6% on March quarter earnings
DLF's board has declared a dividend of Rs 2 per share for the financial year ended March 31, 2019

DLF share prices surged nearly 6 per cent in intra-day on Wednesday after the real estate firm reported a 79 per cent growth in its net profit at Rs 435 crore for the fourth quarter ended March 31, 2019, compared to Rs 247.73 crore in the year-ago period.

"The company's total income jumped 44 per cent to Rs 2,661 crore during Q4FFY19 from Rs 1,845.92 crore in Q4FY18," DLF said in a filing to the Bombay Stock Exchange.

For the financial year 2018-19, the company's net profit declined sharply by 70.59 per cent to Rs 1,316 crore as against Rs 4,476 crore in the last fiscal. Consolidated revenue at the end of the fiscal was Rs 9,029 crore, up 18 per cent as compared to Rs 7,664 crore in the previous year.

Boosted by strong Q4, DLF share price gained as much as 5.84 per cent to touch an intra-day high of Rs 181.20 apiece, against previous close of Rs 171.20, on the Bombay Stock Exchange. There was also spurt in volume trade as 11.71 lakh shares changed hands over the counter, compared to two-week average of 4.57 lakh shares.

Paring most of early gains, DLF shares were currently trading at Rs 173.30 apiece, up 1.05 per cent, on the National Stock Exchange (NSE). The stock surged 5.65 in early trade to hit an intra-day high of Rs 181.20.

Also Read: DHFL stock falls 18% after firm stops accepting fresh deposits

The company's board has declared a dividend of Rs 2 per share for the financial year ended March 31, 2019.

During the March quarter, DLF successfully completed the qualified institutional placement (QIP) of Rs 3,173 crore of equity coupled with infusion of Rs 11,250 crore by the promoters.

"With the debt overhang behind us and completion of all legacy projects, DLF will now work with enhanced focus on generating free cash flow through monetisation of our ready to occupy inventory. The company is now entering into the next wave of asset build-out at certain select marquee locations in both, residential and commercial segments," the company said in the exchange filing.

Meanwhile, the BSE benchmark Sensex was trading at 39,055.73, up by 85.93 points or by 0.22 per cent, and the NSE Nifty was up 0.02 per cent at 11,711.65.

Edited by Chitranjan Kumar

Also Read: Share Market LIVE: Sensex up 6 points, Nifty at 11,706; Sun Pharma, BPCL top performers

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