India's largest realty firm DLF today reported a flat consolidated net profit at Rs 206.09 crore for the second quarter of this fiscal, while sales were up marginally at Rs 2,070 crore.
Its net profit stood at Rs 206.18 crore in the year-ago period, the company said in a regulatory filing.
Income from operations rose by 1.46 per cent to Rs 2,070.67 crore in the July-September period from Rs 2,040.84 crore in the corresponding three months of the previous year.
Total Income decreased to Rs 2,225.66 crore for the quarter ended September 30, 2016 from Rs 2,234.62 crore in the year ago period.
Finance cost fell to Rs 735 crore from Rs 740 crore, while tax expenses declined to Rs 69 crore from Rs 117.69 crore during the period under review.
During the first half of 2016-17 fiscal, DLF's net profit rose by 41 per cent to Rs 467.51 crore from Rs 332.05 crore in the year-ago period.
Income from operations, however, fell to Rs 3,938.13 crore during April-September period of this fiscal from Rs 4,429.56 crore in the corresponding period of the previous year.
In the first half of this fiscal, the gross sales booking stood at Rs 895 crore. The total developable potential at 269 million sq ft, of which 26.9 million sq ft of projects area was under construction at the end of the first half.
"Project completion stood at approx 6 msf in the first half," DLF said in a statement.
On demonetisation, DLF said the recent events might have caused some temporary disruption in the markets but the "company believes it to be an immense positive in the long run, both for the economy as well as the residential markets."
"This move coupled with RERA, will institutionalise the sector in the medium term," it added.
Leasing demand continues to be stable with positive outlook for this segment of the business.
In anticipation of growing demand of commercial space, DLF said it is focusing on execution of office complexes both in Gurgaon and Chennai.
"The company has initiated development of the remaining potential in its Chennai asset and focused execution of its new office development-Cyber Park in Gurgaon," DLF said in a statement. The company's shares closed at Rs 114.90 apiece on the BSE, up 1.41 per cent.
Disclaimer: No Business Standard Journalist was involved in creation of this content
