BENGALURU: DLF Ltd, India’s largest real estate firm, posted a 91.88 % drop in net profit to ₹333.65 crore in the December quarter from a year earlier. The drop in net profit in the third quarter is mainly on account of a one-time pre-tax gain of ₹8,569 crore in the corresponding quarter a year ago, due to restatement of DLF’s investment in DLF Cyber City, as the latter was accounted as a joint venture instead of a subsidiary.
The real estate firm’s third quarter revenue was up 29.68% to ₹2405.89 crore compared to the year-ago quarter.
“The company’s strategy of selling completed inventory and its focus on strength of balance sheet has borne fruit. It recorded third consecutive quarter of healthy sales and second consecutive quarter of positive operating cash, which stood at ₹133 crore, DLF said in a statement on Tuesday.
In 2017, DLF promoters had sold a stake in the rental arm DCDDL for ₹8,900 crore to Singapore’s GIC Pte Ltd. DCCDL recorded consolidated revenues of ₹1284 crore for the quarter ended 31 December 31, DLF said.
“...We continue to witness good momentum in our core markets like Gurugram, and DLF5 specifically. For the quarter, net new sales booking stood at ₹563 crore, and the company is comfortably positioned for exceeding the guidance for its residential business," the developer said.
Sequentially, DLF’s net profit dropped 10.59% and its revenue rose 4.38%.
DLF lost 2.08% to close at ₹159.85 per share on Tuesday on the BSE, while the benchmark index, Sensex gained 0.09% to close at 36616.81 points and the realty index lost 2.14% to close at 1743.40 points.
This story has been published from a wire agency feed without modifications to the text.