DLF reports 24.6% increase in Q3 profit to Rs163.95 crore
DLF's revenue increased by 44.5% to `2,827.66 crore during the period
New Delhi: DLF Ltd, India’s largest developer by market value, posted a 24.6% increase in net profit to ₹ 163.95 crore in the December quarter from a year ago.
The developer’s revenue increased by 44.5% to ₹ 2,827.66 crore during the period on account of a one-time gain from the sale of land by subsidiary DLF Home Developers Ltd to Singapore’s sovereign wealth fund GIC Pte. Ltd through two joint ventures formed in September.
In September 2015, GIC invested ₹ 1,990 crore in two upcoming residential projects of DLF in central Delhi.
According to a Motilal Oswal Securities Ltd earnings preview, DLF had been expected to post a consolidated revenue of around ₹ 3,970 crore, taking the GIC investments into account.
DLF’s results were announced after market hours.
The company’s net debt stands at ₹ 21,396 crore, down by ₹ 1,124 crore from the preceding September quarter.
While DLF didn’t launch any project in the December quarter, analyst reports indicate that the developer’s luxury residential project ‘Camellias’ on Golf Course Road, Gurgaon, was the main contributor to pre-sales during the period for which the results were announced.
On Tuesday, Mumbai-based Godrej Properties Ltd (GPL) said its third-quarter profit rose 10% to touch ₹ 52 crore despite a decline in revenue.
The company’s revenue fell 18.7% to ₹ 422 crore from ₹ 519.30 crore a year ago.
DLF Ltd lost 3.51% to close at ₹ 93.35 per share on Tuesday on the BSE, while the benchmark index, the Sensex, declined 1.15% to close at 24,539 points, and the BSE Realty Index lost 1.71% to close at 1,190.75 points.
Bidya Sapam contributed to the story.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!