DLF, India’s largest real estate developer, posted a 10% surge in consolidated net profit to about R285 crore for the quarter ended December 31 against around R258 crore in the year-ago period, aided by other income.
In a late evening announcement on Thursday, DLF reported a fall of 4% in its consolidated total income to R2,291 crore in the third quarter against R2,396 crore last year. The other income was R981.2 crore during the quarter against nearly R361.6 crore last year.
“The company, along with its two wholly-owned subsidiaries, divested its entire stake in Jawala Real Estate (Jawala) — a wholly-owned subsidiary. Consequent to divestment, Jawala has ceased to be a subsidiary w.e.f November 1. Profit before tax on disposal of its investment amounting to R838.54 crore is classified as ‘other income’ in these consolidated financial Results,” it said.
In August, Lodha Developers had acquired DLF’s wholly-owned subsidiary, Jawala Real Estate, the owner of the 17-acre Mumbai textile mill property at Lower Parel, for R2,727 crore.
DLF booked sales of 2.27 million square feet in the third quarter, which is less than 3.27 million square feet in the year-ago period, but higher than 1.59 million square feet in the previous quarter.
The operating margins for the quarter were down to 46% from 49% in the third quarter. However, the margins improved from 40% in the quarter ended September. The company’s consolidated net debt has come down by R1,870 crore to R21,350 crore against R23,220 crore in the previous quarter. DLF said it maintains a guidance of R19,000 crore on net debt for the financial year 2012-2013, post the completion of Aman Resorts and wind energy business transactions.
“The company continues to make investments in new assets with a capex/land of about R250 crore during the quarter,” DLF said, adding that it intends to continue with the current volume of launches, development and leasing.