DLF shares experienced a robust surge of over 2 percent on October 31, following the company’s impressive fiscal second-quarter earnings that surpassed market expectations.
The real estate giant reported a remarkable 31 percent year-on-year increase in net profit, amounting to Rs 622 crore. Additionally, its revenue from operations saw a marginal uptick, reaching Rs 1,476 crore, defying earlier predictions.
Analysts noted that DLF’s current valuations suggest that the market has already factored in significant future growth. By midday, DLF shares were trading at Rs 560.15 on the National Stock Exchange (NSE).
During the quarter ending September 2023, DLF achieved substantial sales bookings totaling Rs 2,228 crore, accompanied by robust gross margins of 57 percent. The company also proudly announced its attainment of a net cash-positive status.
In a statement, DLF stated, “We have fulfilled our commitment to reaching a net debt zero position. We are dedicated to reinforcing our balance sheet further through consistent cash generation.”
