Its net profit stood at Rs 98.14 crore in the year-ago period, DLF said in a regulatory filing.
Total income, however, fell to Rs 1,855.21 crore in the third quarter of 2017-18 fiscal from Rs 2,177.90 crore in the corresponding period of the previous year.
As per the notes of account, DLF has made an exceptional gain of Rs 8,569.34 crore, mainly on the back of promoters' stake sale in rental arm DLF Cyber City Developers Ltd.
In a statement, DLF explained that profit has gone up due to one-time exceptional gain on account of restatement of the DLF's investment in DCCDL at fair market value based on Indian accounting standards (IndAS 110), as DCCDL is now being accounted as a joint venture instead of a subsidiary.
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In notes of account, DLF group said, "It has fair valued its remaining equity stake (66.66 per cent) in DCCDL Group and recorded a gain of about Rs 9,927.13 crore arising due to deemed disposal on account of loss of control of DCCDL Group."
DLF promoters have infused Rs 9,000 crore in the company and the same has been utilised to primarily prepay a substantial portion of its outstanding debt.
"The company has already repaid debt of Rs 7,100 crore (approx.) till date. DLF remains confident to become net debt zero by end- FY19," the company said in a statement.
The board has also appointed Vivek Mehra as an independent director.
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