BackDLF Q4 profit declines 21.8% to Rs171.6 crore
DLF is in talks with certain strategic investors for setting up joint ventures at the project level for its residential business
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Bengaluru: DLF Ltd, the country’s largest developer by market value, posted a 21.8% drop in net profit to ₹ 171.6 crore for the quarter ended March from a year ago. Revenue fell by 0.8% to ₹ 1,953.6 crore during the same period.
Sequentially, DLF’s March quarter net profit rose 30.2% and revenue dipped 0.15%.
In a statement, DLF said that in order to keep debt at manageable and comfortable levels, it is in talks with some strategic investors for setting up joint ventures at the project level for its residential business.
“This will enable it to unlock some of the embedded value in land today itself by sharing future financial returns with the investors," it said.
While the Mumbai property market has been inching towards a revival in sales, the Gurgaon market worsened further during the March quarter, with subdued new launches and price correction in secondary markets.
“DLF’s pre-sales are likely to be driven by launch of luxury apartments in Crest Phase II, wherein DLF sold 100 of the 250 units launched. A couple of other launches (Privana, Gurgaon and Capital Green, Delhi) are likely in first half of 2015-16 now," said an April report of Motilal Oswal Securities Ltd.
DLF Ltd lost 0.68% to close at ₹ 123.35 per share on Wednesday in Mumbai trading, while the BSE’s benchmark Sensex gained 0.69% to close at 27,837.21 points and the BSE Realty Index gained 0.09% to close at 1,546.67 points.
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