DLF Q1 PAT seen up at Rs 430 cr

DLF is expected to report a profit after tax of Rs 430 crore in the quarter ended June 2011 as against Rs 411 crore in the corresponding quarter last fiscal and Rs 345 crore in the previous quarter.

Revenue is likely to jump to Rs 2,305 crore in Q1FY12 from Rs 2,028 crore in Q1FY11 and Rs 2,683 crore Q4FY11.

EBIDTA too is seen going up to Rs 1020 crore as against Rs 980 crore in corresponding quarter last fiscal and Rs 670 crore in the previous quarter.

DLF took a one time cost adjustment of Rs 475 crore in the fourth quarter of FY11.

Company is going to witness higher growth as compared QoQ as there will be a low base effect.

Business developments during Q1

Plotted developments launched at Indore and Gurgaon

Estimated sales from plotted developments 1.5 MSF

Estimated sales from housing 0.5 MSF

Total sales expected at 2 million sq feet

Sales value estimate Rs 800 - 1000 crore

Sales value of Rs 650 crore expected from plotted developments

According to analysts, about 60-70% of plotted development sale value can be booked in current revenue

DLF guided to sell 10 MSF plotted developments during the year

Sell of plotted developments to impact DLF by way of improved margins

Commercial leasing expected to hold up

Key monitorables

Debt reduction & asset sale progress