Shares of real-estate developer DLF Ltd surged nearly 6 percent on robust Q4 earnings and lower debt. The company reported a 76 percent jump in its consolidated net profit at Rs 436.56 crore for the quarter ended March on higher sales, compared to a net profit of Rs 247.73 crore a year ago.

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DLF's stock price gained as much as 5.8 percent to Rs 181 per share on the BSE. At 9:59 am, DLF shares were trading 3.4 percent higher at Rs 177 as compared to a 0.17 percent rise in the BSE Sensex at 39,036.

The real estate firm’s total income also rose 44 percent to Rs 2,661 crore versus Rs 1,845.92 crore YoY.

The company successfully completed the qualified institutional placement (QIP) of Rs 3,173 crore of equity and coupled with the infusion of Rs 11,250 crore by the promoters.

"The company has completely transformed its balance sheet," DLF said in a statement.

“With the debt overhang behind us and completion of all legacy projects, DLF will now work with an enhanced focus on generating free cash flow through monetization of our ready to occupy inventory. The company is now entering into the next wave of asset build-out at certain select marquee locations in both, residential and commercial segments," the company added.

The company continued to see good sales in the residential segment and have started monetising their ready to occupy inventory across the country in the premium and luxury segments.

"The company achieved net sales of Rs 2,435 crore and we expect this momentum to continue, targeting to achieve net sales of approximately Rs 2,700 crore during FY20. We are witnessing good demand from our markets like Gurgaon, Kochi, and Lucknow for our ready to occupy apartments," the statement said.

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First Published:May 22, 2019 10:09 AM IST