India's largest realty firm DLF today reported 58 per cent decline in consolidated net profit at Rs 109.01 crore for the quarter ended June.
DLF's net debt rose by around Rs802 crore to Rs25,898 crore in the first quarter compared to the preceding quarter. 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 of the company fell to Rs 304.33 crore from Rs 578 crore during the corresponding quarter of 2016-17 fiscal.
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.
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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.
On the property market, DLF said in a statement, "Despite growth in the economy, the demand for residential real estate continues to be soft".
In February previous year, the company had signed a definitive share purchase agreement with Reliance Infrastructure for acquisition of its entire cement business for an enterprise value of Rs 4,800 crore.
DLF expects the property market to recover soon with reduction in key policy rates by the RBI this month. 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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