Mumbai: DLF Ltd, India’s largest developer by market value, on Monday said fiscal-fourth quarter profit rose 70.5% to Rs243.26 crore on the back of profits earned by its associates and joint ventures even as core operations remained subdued.
In a filing to BSE, the company also announced that its board has approved an enabling resolution to raise as much as Rs2,500 crore through the sale of non-convertible debentures and other debt instruments.
DLF’s total income fell by 26.5% to Rs1,845.92 crore from the same period year ago. The developer’s revenue from operations declined by 38% to Rs1,377.6 crore from Rs2,225.18 crore in the corresponding quarter previous fiscal.
Share of profit in associates and joint ventures of DLF stood at Rs205.48 crore in the March quarter, the company said.
For the year ended 31 March, the company’s net profit jumped more than six-fold to Rs4,476 crore from Rs707.9 crore recorded in the year-ago period, due to a one-time gain on account of a stake sale to an affiliate of Singapore-based GIC.
In December 2017, DLF concluded the sale of 33.34% stake in its rental arm DLF Cyber City Developers Ltd (DCCDL) to sovereign wealth fund GIC for nearly Rs9,000 crore.
However, the company’s total income during the reporting financial year fell by 14.28% to Rs7,663.71 crore.
“The company witnessed increased interest in the residential business especially in its luxury portfolio located in DLF 5, Gurugram. The markets are expected to have bottomed out and a revival is on the cards in the medium term,” the company said in a statement.
On Monday, shares of DLF Ltd fell by 1.70% to Rs193.90, while the BSE benchmark Sensex shed 0.67% at 34,616.13 points.
The company reported earnings after the end of trading in Mumbai.