Bengaluru: DLF Ltd, India’s largest property developer, on Friday reported a net profit of Rs 143 crore for the fiscal fourth quarter compared to a loss of Rs 211.11 crore in the year-ago period.
Revenue fell 8.1% to Rs 2,511.37 crore during the three months ended 31 March.
For the full year 2016-17, net profit jumped 132.05% to Rs 708 crore although revenue fell 15.63% to Rs 8940.51 crore.
Sequentially, net profit and revenue both rose 44.44% and 15.31% respectively, owing to a rise in sales and profitability after the December quarter, in which business was hurt by demonetisation.
“While the company passed through a turbulent year, it continues to remain committed and focused on swift execution and timely completion of its projects,” DLF said. “The company shall continue to create healthy pipeline of finished inventory for sale in foreseeable future when the demand returns.”
In March, DLF said Singapore’s sovereign fund GIC Pte. will hold exclusive talks with the promoters of DLF Ltd to buy their 40% stake in a rental unit.
The stake sale in its rental unit is expected to raise about Rs12,000-13,000 crore and will significantly bring down DLF’s debt levels. The transaction, which DLF claims will be a game-changer for the firm, involves DLF promoter firms selling their entire 40% stake in DLF CyberCity Developers Ltd to institutional investors.
On Friday, DLF said the transaction is progressing along expected lines and with the commercial office business slated for a growth trajectory, the company is geared up and has initiated development of additional office space in Gurugram and Chennai