Promoter Kushal Pal Singh offloads Rs 731 crore shares in DLF

On August 1, DLF's promoter Kushal Pal Singh sold all of his shares on the open market. DLF is the largest real estate developer in the country.

Retired firm chairman Kushal Pal Singh sold 1.45 crore shares on the BSE, representing 0.59 percent of paid-up equity, according to bulks trade data.

At an average price of Rs 504.21 per share, the aforementioned stock transaction brought in a total of Rs 730.87 crore. The entire market value of DLF was 1.24 quadrillion rupees.

As of June 2023, 74.95 percent of the real estate firm's stock was owned by the promoter or promoter group.

On the National Stock Exchange, DLF shares closed at Rs 499.70, down 3.7% on heavier volumes, but have found support at the 21-day EMA (exponential moving average positioned at Rs 499).

Meanwhile, DLF's consolidated profit for the quarter ended June FY23 increased by 12.2% year-on-year to Rs 528 crore last week despite weak operating margin, thanks to a decline in finance cost & other expenses and an increase in other income.

Despite new sales bookings of Rs 2,040 crore, consolidated revenue from operations for the quarter fell 1.3% year-over-year to Rs 1,423.2 crore.

Margin decreased by 90 basis points (bps) to 27.8 percent in Q1FY24 as EBITDA (earnings before interest, tax, depreciation, and amortisation) dropped by 4.2 percent year-on-year to Rs 396.2 crore.

DLF stated that it was still concentrating on boosting its financial stability and cash flow. "Thanks to our diligent collection efforts, our net debt decreased even further throughout the quarter. As a result, "net debt has been reduced to its lowest ever at Rs 57 crore," the statement stated.

DLF Cyber City Developers, the commercial properties developer and flagship company of the DLF Group, reported a profit of Rs 391 crore in the June FY24 quarter, a 21 percent year-on-year increase. The company's annual consolidated sales of Rs 1,412 crore represents an increase of 12% year over year.

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