DLF shares fall as company results fail to impress

Shares in DLF fell as much as 3 percent today after the company's reported a net profit of Rs 285 crores, that missed estimates.
In November, it may be recalled that DLF concluded the sale of a 17-acre plot of land in Mumbai to Lodha for Rs 2,700 crore, making a one-time, pre-tax gain of Rs 840 crore, which help to propel overall profits.

"The above financial results are after taking into account 'one time' profit from the sale of NTC mills land in Mumbai and accounting for certain additional costs/rebates to be incurred in the future on existing projects, including potential loss on the sale of Silverlink Resorts (Aman Resorts)," DLF said in a statement.
"Lower pre-sales and cost escalations led to a sharp fall in EBITDA margin from 36.6 percent to 6.6 percent quarter-on-quarter," Jefferies said in a note.

DLF currently has 340 msf of planned projects with 55 msf of projects under construction.

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