New Delhi: India’s largest-listed real estate firm, reported a 93% slump in quarterly profit as property prices tumbled and it sold fewer homes and office buildings space in an economic downturn.
New Delhi-based DLF said consolidated net profit fell to Rs1.59 billion ($31.8 million) in its fourth quarter ended March from Rs21.77 billion a year ago. Revenue fell 69% to Rs13.5 billion from 43.7 billion.
DLF, valued at $7.9 billion in the market, released the results late on Thursday. Indian markets were closed on Friday for a holiday.
The company said it was looking for a buyer for its wind power business, part of the company’s move to exit non-core assets and businesses that would help it cut debt. It said due diligence of the unit’s assets was underway.