DLF builds up Q3 profit by 24% on higher sales
India's largest realty firm DLF Ltd on Tuesday reported a 24 per cent increase in its consolidated net profit at Rs 163.95 crore for the quarter ended December on higher sales. Its net profit stood at Rs 131.79 crore in the year-ago period, DLF said in a regulatory filing.
Income from operations rose by 44 per cent to Rs 2,827.66 crore during the third quarter of this fiscal from Rs 1,956.72 crore in the corresponding period of the previous year. Other income increased to Rs 153 crore during October- December quarter of 2015-16 fiscal from Rs 123 crore in the year-ago period. Ahead of the announcement of financial results, shares of the company fell by 3.51 per cent to close at Rs 93.35 apiece on the BSE.
DLF has a land bank of nearly 300 million sq ft of which about 50 million sq ft is under construction. Recently, DLF received Rs 1,992 crore from Singapore's sovereign wealth fund GIC, thereby completing the deal to sell 50 per cent stake each in two upcoming projects in the national capital.