DLF Q1 net profit tanks 58 per cent to Rs 109.01 crore
13 Agosto, 2017, 22:16
Mercator Ltd posted a net loss of Rs 28.70 crore for the quarter ended June 30, 2017, on the back of lower income. 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.
Total income, however, rose by 9 per cent to Rs 2,211.24 crore in the first quarter of this fiscal from Rs 2,025.58 crore in the corresponding period of the previous year. DLF is in the process to sell a 40% stake of promoters in DCCL to Singapore sovereign wealth firm GIC. The deal will help it raise an estimated Rs12,000-13,000 crore and significantly reduce its debt.
The demand for residential real estate continues to be soft for the company despite growth in the economy and the implementation of the real estate regulatory Act (RERA) and goods and services tax (GST) has continued to elongate the sales cycle.
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.
Despite the uncertainty and period of transition, the company said it has continued to focus on completion of projects in order to create finished inventory for sale in the future when normalcy returns after 2-3 quarters.
DLF expects the property market to recover soon with reduction in key policy rates by the RBI this month.
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