Realty major DLF on Thursday reported a consolidated net loss of Rs 1,857.76 crore in the fourth quarter of last fiscal year, mainly due to reversal of deferred tax assets (DTA) as it adopted a lower tax rate.
It had posted a net profit of Rs 436.56 crore in the year-ago period, the company said in a regulatory filing.
Total income fell to Rs 1873.8 crore in the January-March quarter of the 2019-20 fiscal from Rs 2,660.95 crore in the corresponding period of the previous year.
For the entire last fiscal year, DLF reported a net loss of Rs 583.19 crore as against a net profit of Rs 1,319.22 crore in the 2018-19 financial year.
Total income fell to Rs 6,884.14 crore in 2019-20 from Rs 9,029.41 crore in the previous year
"In view of Covid-19, after a thorough analysis and following a prudent approach, the company has undertaken certain provisions to reflect changes in the carrying value of some of its assets and investments. This has led to a one-time, exceptional provision (net of taxes) of Rs. 272 crore," the statement said.
Further, there was a one-time DTA reversal of Rs 1,916 crore, on adoption of lower-tax rate, it added.
"While our liquidity, balance sheet, brand image and product quality inspire confidence to withstand these uncertain times and enable us to stay committed to our strategy, we remain vigilant and agile to tackle any unforeseen challenges that may arise. said Ashok Tyagi, Whole Time Director, DLF said.
The company said the Covid-19 pandemic has led to industry-wide short-term recalibration of demand.
"While the long-term impact and full extent of this crisis remain to be seen, the company retains a positive outlook for the long term on account of its healthy Balance sheet, strong brand image and unwavering commitment to quality," DLF said.
The company said it has met all its stakeholder commitments and has not availed any moratoriums or deferments on its debt obligations.
The company has sufficient liquidity to sail through these uncertain times.
"This crisis has presented an opportunity for DLF to undertake exercises in being leaner and far more efficient in terms of its cost structure. Our heightened approach to cost optimisation is expected to help ensure healthy margins in the times to come," DLF said.India's unemployment rate drops to 5.8% in FY19; jobless among SCs, STs, minorities rise