DLF improves performance in Q3, analysts maintain ‘Buy’ with revised target price of Rs 216
Posted on 12th February 2019 |
.jpg) |
| DLF’s operational performance continued to improve in Q3FY19 with new sales coming in at Rs 560 crore (Rs 630 crore in Q2FY19); the company also made positive operational cash flow (post-capex ex-dividend) for the second quarter running. Management continues to focus on liquidating Rs 12,300-crore inventory and scaling up the rental portfolio (DCCDL). We maintain earnings estimates for the erstwhile merged entity (despite demerger of DCCDL) awaiting greater clarity on adjustments/reconciliation between DLF and DCCDL numbers (post-demerger). We roll over valuation to FY21E and maintain ‘BUY’ with revised TP Rs Rs 254 earlier). Gross sales stood at Rs 800 crore (Rs 780 crore in Q2FY19), while net sales (adjusted for cancellation/upgradation) stood at Rs 560 crore (Rs 630 crore in Q2FY19). Management indicated that the quantum of cancellations should decline going ahead. DLF is on track to exceed its target of Rs 2,000 crore–2,250 crore net sales in FY19 (Rs 1,000 crore in FY18). It generated a positive operational cash flow (post capex and ex-dividend) of Rs 2 crore during Q3FY19. This is the second consecutive quarter of positive cash flow for DLF. Net debt for the DLF Group (ex-DCCDL) at end-Q3FY19 stood at Rs 7,220 crore, marginally up q-o-q. The company has ~Rs 3,000 crore of pending receivables from sales already made and expects to incur another ~Rs 2,300 crore as construction cost (including the allied infrastructure), thus resulting in surplus receivable of ~ Rs 70 crore from sold inventory. It expects the liquidity situation to improve further post Rs 2,250-crore fund infusion by promoters and the proposed QIP. Management believes that ongoing liquidity issues in the industry are boosting opportunities for well-funded developers like DLF. We expect DLF’s operations to maintain its upwards trajectory in coming quarters. |
|
|
|
|
Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
.jpg) |
Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
|
|
Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
.jpg) |
The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
|
|
LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
.jpg) |
In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
|
|
Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
.jpg) |
Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
|
|
World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
.jpg) |
In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
|
|
|
|
| Be the first person to write a business review for DLF improves performance in Q3, analysts maintain ‘Buy’ with revised target price of Rs 216 |
|
|
|
