DLF’S March quarter net profit rises 70.5%
MUMBAI: DLF Ltd, India’s largest developer by market value, on Monday said fiscal-fourth quarter profit rose 70.5% to ₹243.26 crore on the back of profits earned by its associates and joint ventures even as core operations remained subdued.
In a filing to BSE, the company also announced that its board has approved an enabling resolution to raise as much as ₹2,500 crore through the sale of non-convertible debentures and other debt instruments.
DLF’S total income fell by 26.5% to ₹1,845.92 crore from the same period year ago. The developer’s revenue from operations declined by 38% to ₹1,377.6 crore from ₹2,225.18 crore in the corresponding quarter previous fiscal.
Share of profit in associates and joint ventures of DLF stood at ₹205.48 crore in the March quarter, the company said.
For the year ended March 31, the company’s net profit jumped more than six-fold to ₹4,476 crore from ₹707.9 crore recorded in the year-ago period, due to a one-time gain on account of a stake sale to an affiliate of Singapore-based GIC.
In December 2017, DLF concluded the sale of 33.34% stake in its rental arm DLF Cyber City Developers Ltd (DCCDL) to sovereign wealth fund GIC for nearly ₹9,000 crore.
However, the company’s total income during the reporting financial year fell by 14.28% to ₹7,663.71 crore.
“The company witnessed increased interest in the residential business especially in its luxury portfolio located in DLF 5, Gurugram. The markets are expected to have bottomed out and a revival is on the cards in the medium term,” the company said in a statement.
On Monday, shares of DLF Ltd fell by 1.70% to ₹193.90, while the exchange’s benchmark Sensex shed 0.67% at 34,616.13 points.
The company reported earnings after the end of trading in Mumbai.