Bengaluru: DLF Ltd, India’s largest real estate firm, posted a nearly thirty-fold jump in net profit to 373.21 crore in the September quarter from a year earlier.

The profit came on a 31.60% rise in revenue to 2,304.90 crore during the period.

DLF said that to consolidate its rental assets under the DLF Cyber City Developers Limited (DCDDL) rental platform and reduce the inter-company payables between the company and its subsidiaries and DCDDL, the management has proposed to evaluate the transfer of interests (held by DLF group) in properties and land parcels for commercial development at an enterprise value between 6,000-6.500 crore.

Last year, DLF promoters sold a stake in the rental arm DCDDL for₹8,900 crore to Singapore’s GIC Pte Ltd.

DLF also said that its subsidiary DLF Home Developers Ltd has entered into a non-binding term sheet with a fund managed by global real estate investment and development firm Hines, to jointly develop a high-end commercial project on a 11.76 acre land parcel in Gurugram.

“The transaction documents are under negotiation and subject to all other approvals..," the company said in a statement.

In February, DLF had emerged as the highest bidder for the Gurugram land parcel that was auctioned by Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) for a record of 1,496 crore.

Sequentially, DLF’s net profit and revenue rose 116.4% and 39.04%, respectively.

DLF Ltd gained 4.28% to close at 171.90 per share on Thursday on the BSE, while the benchmark index, Sensex lost 0.03% to close at 34431.97 points and the Realty Index gained 2.27% to close at 1717.89 points.

Mumbai-based Godrej Properties Ltd, which also announced its results on Thursday, saw its net profit for the second quarter jumped to 20.57 crore as against 21 lakh in the year ago period, on the back of improved revenue. The company’s revenue from operations stood at 393.25 crore, up 25.6% from 313.07 crore.

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