DLF Limited shares fall; adjusted profit lags estimates

Written by Reuters | Updated: Feb 17 2014, 19:47pm hrs
DLF LTDDLF Ltd net profit fell 49% to 1.45 bn rupees from 2.85 bn rupees a year earlier. (AP)
Shares in DLF Limited, India's top real estate developer, fall 0.7 per cent after its December-quarter net profit lagged estimates when adjusted for 1.92 billion rupees of tax credit.

Consolidated net profit fell 49 percent to 1.45 billion rupees ($23 million) from 2.85 billion rupees a year earlier.

Morgan Stanley downgrades the stock to "underweight" from "equal-weight" and reduces its price target to 125 rupees from 152 rupees, citing weak pipeline of older projects and slow pre-sales in FY13-FY14.