India’s largest realty firm DLF today reported a 23 per cent decline in its consolidated net profit for the quarter ended March to Rs 132.39 crore on higher finance cost and tax expenses.
DLF net profit stood at Rs 171.62 crore in the year-ago period.
Income from operation, however, increased by 20 per cent to Rs 2,335.56 crore in the fourth quarter of last fiscal from Rs 1,935.69 crore in the corresponding quarter of the previous year, the company said in a regulatory filing.
Finance cost went up to Rs 633.13 crore in January-March 2016, from Rs 494.37 crore in the year-ago period, while tax expenses increased to Rs 99.89 crore from Rs 76.73 crore.
During the entire 2015-16 fiscal, net profit rose marginally to Rs 549.39 crore from Rs 540.24 crore in the previous year.
Income from operations rose by 21 per cent to Rs 9,259.86 crore for the year.
Its share price closed at Rs 129 apiece on the BSE, up 0.86 per cent. The results were announced after market hours.
DLF has a land bank of 281 million sq ft, of which 37 million sq ft is under construction. The company has a rental assets of about 30 million sq ft generating annual rent of about Rs 2,700 crore.