DLF reported 15.9% fall in consolidated net profit to Rs 379.48 crore as net sales remained flat at Rs 1,549.70 crore in Q3 FY22 over Q3 FY21.
EBITDA in Q3 FY22 stood at Rs 659 crore, reflecting a YoY increase of 5%.
The real estate developer said that one of the investee company has defaulted in meeting its debt obligation mainly due to project execution delays arising out of disruption caused by COVID pandemic.
The Group believes that the project remains fundamentally sound and the Group continues to work with the relevant parties to resolve this matter. However, given the uncertainty involved related to the timing of the resolution, management has considered an impairment provision of Rs 224.43 crore on a best estimate basis and disclosed as exceptional item in these consolidated financial results.
DLF said that the housing segment continues to exhibit sustained momentum leading to strong business performance in the residential segment. The company has clocked new sales in the quarter amounting to Rs 2,018 crore, reflecting a YoY growth of 97%.
Cumulative sales bookings for nine-month period stood at Rs 4,544 crore.
"Residential markets continue to exhibit improving demand trends and we expect these to continue for a long term, the company said.
Cash generation of Rs 764 crore during the quarter resulted in a marked reduction in the company's net debt which stood at Rs 3,220 crore at the end of the quarter. Accordingly, ICRA and CRISIL have both, revised the rating upwards to 'ICRA AA-/Stable' & 'CRISIL AA-/Stable'.
DLF is primarily engaged in the business of development and sale of residential properties (the development business) and the development and leasing of commercial and retail properties (the annuity business).
The scrip 0.83% to currently trade at Rs 394.40 on the BSE.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU