DLF Ltd, India's largest real estate developer, reported a 38 percent fall in quarterly net profit, weighed down by higher expenses on land and property development.
DLF, which builds homes, offices and shopping malls, said late on Monday net profit for the June quarter was Rs 181 crore, compared with Rs 293 crore a year earlier. Sales and other receipts rose 5.3 per cent to Rs 2,314 crore from Rs 2,198 crore.
Analysts on average expected the company to post net profit of Rs 123 crore on revenue of Rs 2,063 crore, according to Thomson Reuters Starmine.
Founded by billionaire K.P. Singh, DLF sold a stake in its insurance joint venture last month but is yet to divest other non-core assets, including its luxury hotel chain Amanresorts, to pare its debt of Rs 21,700 crore at end-March.
The New Delhi-based developer, valued by the market at $4 billion, has lost about 40 per cent of its value since the beginning of 2013, in line with the drop in the sector index, but higher than the 2.5 per cent fall in the wider market index.
Copyright Thomson Reuters 2013
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