DLF gains on strong Q3 earnings

Consolidated net profit for December 2015 quarter rose 24% to Rs 164 crore

Shares of DLF were up over 2% in an otherwise weak market after the company registered 24% rise in its consolidated net profit at Rs 164 crore for the December 2015 quarter against Rs 132 crore in the year-ago period. The profit was due to higher sales and one-time gain from stake sale deal with Singapore’s GIC.

Income from operations grew 44 per cent to Rs 2,828 crore during the quarter under review December from Rs 1,957 crore a year ago.

Recently, DLF received Rs 1,992 crore from Singapore's sovereign wealth fund GIC, thereby completing the deal to sell 50 per cent stake each in two upcoming projects in the national capital.

The stock opened at Rs 93 and touched a high of Rs 97. At 12:25pm, over 11 million shares were traded on both the stock exchanges.