India's largest realty firm DLF today reported a 46 percent decline in its consolidated net profit at Rs 98.14 crore for the quarter ended December on lower sales and higher finance cost.
Its net profit stood at Rs 182.11 crore in the year-ago period, the company said in a regulatory filing.
Income from operations, or net sales, fell by 30 percent to Rs 2,057.92 crore in the third quarter, from Rs 2,949.54 crore in the corresponding period of the previous year.
The company's finance cost rose to Rs 758.64 crore, from Rs 670.6 crore during the period under review, although tax expenses fell sharply to Rs 51.58 crore from Rs 238.88 crore.
During April-December, the company's net profit rose to Rs 565.65 crore, from Rs 514.16 crore in the same period of the previous year.
Income from operations, however, fell to Rs 5,996 crore during April-December of this fiscal, from Rs 7,379 crore a year earlier.
DLF has a net debt of over Rs 20,000 crore and the company's promoters are planning to reduce the borrowing by selling their 40 percent stake in the DLF's rental arm DLF Cyber City Developers Ltd (DCCDL) for an estimated Rs 12,000- 14,000 crore.
GIC and Blackstone are in the race to acquire the stake.
DLF owns the remaining 60 percent in the DCCDL.
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