Mumbai: India’s top listed property firm DLF on Wednesday reported third-quarter net profit of Rs21.45 billion ($544 million) on strong demand for housing and other real estate.
The New Delhi-based company, which listed in mid-2007, gave no year-ago earnings figures, but earlier it had reported a second-quarter profit of Rs20.19 billion .
Revenues totalled Rs36.51 billion for the third-quarter to December, the company said in a statement to the Mumbai stock exchange.
The company, whose slogan is “Building India,” last June raised $2.24 billion in what was then India’s biggest initial public share offer
Shares of DLF closed down Rs21 or 2.38% 862.2 on the Mumbai stock exchange.
DLF’s core businesses are homes, offices and shopping malls along with hotels, infrastructure and special economic zones.
Property has become one of India’s fastest growing sectors with Asia’s third-largest economy growing by about nine percent.
Last November, Merrill Lynch private equity real estate fund said it would invest $377 million in housing projects being built by DLF.
“We see a strong growth story for DLF ahead, as it plans to list some of its group subsidiaries in the next three years,” said Vinit Tulsyan, real estate analyst with brokerage Centrum Broking.
“We could see more private equity players invest into DLF properties, similar to the Merrill Lynch transaction,” he said.