Stock Alert: DLF hits three-year low
DLF Limited has tanked nearly over 5% to Rs 169.55, its lowest level since March 2009, on back of huge volumes. As many as a combined 2.8 million shares have already changed hands on the counter in morning trades, against an average of less than 4.3 million shares that were traded daily in past two weeks on both the exchanges.
The realty firm had reported 39% year-on-year (y-o-y) fall in net profit at Rs 212 cost for the quarter ended March 2012, due to lower EBITDA and higher interest. Revenues too de-grew 2.5% to Rs 2,617 crore, while interest cost increased by 33% at Rs 604 crore on y-o-y basis.
According to a presentation by an analyst, DLF's net debt stood at Rs 22,725 crore as on March 31, 2012, which is now five times the company's FY12 EBITDA of Rs 4,500 crore.
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