DLF, the country’s largest real estate company, on Tuesday reported a 12.8% decline in its consolidated net profit for the first quarter ended June 30 at Rs 358.36 crore on higher expenditure and finance charges. The company had posted a net profit of Rs 411.03 crore in the corresponding period last year, DLF said in a filing to the BSE.
The consolidated sales during the first quarter, however, rose by 20.6% to Rs 2,445.82 crore from Rs 2,028.53 crore in the year-ago period, it added. DLF’s total expenditure increased by about Rs 300 crore to Rs 1,505 crore during the June quarter primarily on land, development rights and constructed properties. The finance charges rose to Rs 496.41 crore from Rs 388.4 crore. On sale of non-core assets, DLF said that it realised Rs 165 crore during the April-June quarter of this fiscal. In May, the company had said that it has increased the divestment target for non-core assets (including land parcels) to Rs 10,000 crore from Rs 4,500 crore earlier.
In a statement, DLF Group chief financial officer Ashok Tyagi said: “While debt levels have remained similar to the previous quarter, our momentum on the non-core asset/ business divestments have gathered pace and these coupled with operational cash flows will help us in moderating our current debt levels'.
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