India's largest realty firm DLF on Tuesday reported a 21 per cent increase in its consolidated net profit at Rs 131.50 crore for the quarter ended September on lower expenses.
Its net profit stood at Rs 109.06 crore in the year-ago period, DLF said in a BSE filing.
However, income from operations fell by 7 per cent to Rs 1,865.49 crore during July-September quarter of this fiscal from Rs 2,013.15 crore in the corresponding period of the previous year.
Total expenses fell to Rs 1,071.13 crore from Rs 1,356.52 crore during the period under review.
DLF shares rose by 1.26 per cent to settle at Rs 120.15 apiece on BSE.
The firm has a land bank of about 300 million sq ft, of which nearly 50 million sq ft is under construction.
DLF's total income decreased by 6 per cent to Rs 1,997.02 crore for the quarter ended September from Rs 2,135.59 crore in the year-ago period.
Its finance cost increased to Rs 705.58 crore during the July-September quarter as against Rs 603.11 crore in the corresponding period of previous year.
Tax expense rose to Rs 77.55 crore from Rs 43.06 crore during the review period.
On a standalone basis, DLF posted a net profit of Rs 227 crore for the quarter ended September as compared to Rs 220.74 crore in the year-ago period.
Total income rose to Rs 1,092.95 crore in July-September period of the 2015-16 financial year from Rs 1,005.91 crore in the corresponding period of the previous year.
Recently, DLF sold about 50 per cent stake in its housing project at central Delhi for about Rs 2,000 crore.
Last month, the company's board decided that DLF promoters-KP Singh family-will sell their 40 per cent stake in the company's rental arm DLF Cyber City Developers Ltd (DCCDL).
The proposed deal is estimated to be valued at around Rs 12,000 crore.
Promoters would re-invest a significant part of the amount realised from the proposed sale in DLF Ltd, which in turn would utilise this fund to trim its debt that stood at more than Rs 21,000 crore as on June 30.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today