DLF sales and profit crash
DLF Ltd, the largest real estate developer in the country, reported a year-on-year decline of about 79% in net profit for the quarter ended June.
DLF Ltd, the largest real estate developer in the country, reported a year-on-year decline of about 79% in net profit for the quarter ended June.
It posted a net profit of Rs 396 crore as against Rs 1,864 crore in the year-ago quarter as sales plunged 56.7% to Rs 1,746 crore from Rs 3,846 crore.
On a sequential basis, however, net profit was up 149% and sales by 29% at Rs 159 crore and Rs 1,351 crore, respectively.
DLF said it will continue to preserve cash and de-leverage itself by selling non-strategic assets as well as long gestation/ marginal projects. The company reduced its net debt by over Rs 2,000 crore in the quarter from a combination of cash flow and Rs 500 crore received through sale of non-core assets. It expects to raise Rs 5,000 crore more during the current fiscal from sale of assets.
It posted a net profit of Rs 396 crore as against Rs 1,864 crore in the year-ago quarter as sales plunged 56.7% to Rs 1,746 crore from Rs 3,846 crore.
On a sequential basis, however, net profit was up 149% and sales by 29% at Rs 159 crore and Rs 1,351 crore, respectively.
DLF said it will continue to preserve cash and de-leverage itself by selling non-strategic assets as well as long gestation/ marginal projects. The company reduced its net debt by over Rs 2,000 crore in the quarter from a combination of cash flow and Rs 500 crore received through sale of non-core assets. It expects to raise Rs 5,000 crore more during the current fiscal from sale of assets.