The real estate firm’s total income falls 29% to Rs1,873.80 crore during the same period from Rs2,661 crore in the corresponding period of the previous year
BENGALURU : DLF Ltd, India’s largest real estate developer, on Thursday said it has posted a net loss of Rs1,860 crore for the quarter ended 31 March 2020, after a one-time, exceptional tax provision of Rs272 crore and a deferred tax asset (DTA) reversal of Rs1,916 crore, on adoption of lower tax rate.
DLF posted a net profit stood at Rs435 crore in the year-ago period.
The real estate firm’s total income fell 29% to Rs1,873.80 crore during the same period from Rs2,661 crore in the corresponding period of the previous year, the firm said in a regulatory filing.
DLF has appointed vice-chairman Rajiv Singh as the new chairman, replacing K.P Singh. The latter will continue in a non-executive role as chairman emeritus.
DLF said the covid-19 pandemic has led to short-term recalibration of demand in the sector and anticipates some semblance of normalcy may return by the December quarter, where developers with strong operational expertise and financial resilience will continue to gain foothold.
While the long-term impact and full extent of this crisis remain to be seen, the company has met all its stakeholder commitments and hasn’t availed any moratorium or deferment on its debt obligations, it said.
The developer also said that it has sufficient liquidity to sail through these uncertain times.
“This crisis has presented an opportunity for DLF to undertake exercises in being leaner and far more efficient in terms of its cost structure. Our heightened approach to cost optimization is expected to help ensure healthy margins in the times to come," DLF said in a statement.
“While our liquidity, balance sheet, brand image and product quality inspire confidence to withstand these uncertain times and enable us to stay committed to our strategy, we remain vigilant and agile to tackle any unforeseen challenges that may arise." said Ashok Tyagi, whole-time director, DLF.
Due to the extended lockdown, malls have not been operational and this has led to some short-term pain for the tenants, DLF said.
DLF Ltd gained 0.29% to close at Rs156.40 per share on Thursday on the BSE, while the benchmark index, Sensex lost 0.38% to close at 33,980.70 points and the BSE Realty index lost 1.66% to close at 1,535.70.
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