DLF Q1 profit down 58% to Rs 109 crore

DLF Infinity in DLF Cybercity Gurgaon

DLF Infinity in DLF Cybercity Gurgaon

Birla Corporation Ltd reported consolidated net profit at Rs 43.21 crore for the first quarter.

Realty firm DLF on Saturday reported a 58.37% drop in consolidated net profit at Rs 109.01 crore in the quarter ended June 30, 2017, against Rs 261.85 crore profit in the same period previous year. The decline in net profit in the June quarter is mainly owing to the one-time extraordinary gain of Rs329 crore from the sale of DT Cinemas to PVR group in the year-ago quarter.

In October 2015, DLF had announced that its promoters would sell their entire 40 per cent stake in DCCDL, which holds the bulk of the commercial assets of the group. The deal will help it raise an estimated Rs12,000-13,000 crore and significantly reduce its debt.

Prices in North India, another major market of the company, remained subdued and sharp increase in road freight and fuel prices put pressure on margins, but this was partly compensated by the performance in Eastern markets, which witnessed an upswing in demand.

DLF expects the property market to recover soon with reduction in key policy rates by the RBI this month. "The Company shall have a healthy pipeline of finished inventory for sale in foreseeable future when the demand returns", it said.

After the roll out of the Real Estate Regulatory Act in the June quarter, DLF said there was uncertainty in the market as each state followed a different time-table for adoption of the central law and framing of their rules. Given the complexity of issues related to the transition to the new regime of RERA and the goods and service tax (GST), new sales booking shall get deferred for at least a quarter, DLF said.

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