The country’s largest real estate company by market capitalisation, DLF’s net profit fell 5% y-o-y to Rs 121.5 crore due to higher expenses and finance cost.
The company’s income from operations rose 29% y-o-y to Rs 2,231 crore, which included the sale of DT Cinemas to PVR for Rs 500 crore. The company’s expenses increased by a sharp 37% y-o-y to Rs 1,540 crore, primarily contributed by a rise under the head ‘cost of land, plots, development rights, constructed properties and others’, which surged 61.5% y-o-y to Rs 1,150 crore in the quarter.
The company’s finance cost rose 8% y-o-y to Rs 604 crore, indicating the company’s debt might have risen in the quarter. On Wednesday, DLF said it has raised Rs 1,000 crore through non-convertible debentures, bearing a rate of 12.25%. The DLF stocks closed 3% down at Rs 114.05 on Thursday, on BSE.