Shares in DLF gained as much as 4.5 per cent on Wednesday after the Supreme Court rejected the market regulator’s plea to prevent DLF from selling stake in its rental arm.
The real estate major also registered 20.58 per cent rise in its consolidated net profit figures at Rs 131.50 crore for the quarter ended September 30, 2015. The company reported net profit of Rs 109.06 crore in the corresponding quarter a year ago.
The share price of DLF closed 1.66 per cent up at Rs 122.15.
Total income of the company decreased by 6.49 per cent at Rs 1,997.02 crore for quarter under review as compared to Rs 21,35.59 crore for the quarter ended September 30, 2014.
The company’s net profit increased despite fall in sales as its total expenses declined to Rs 1,071.13 crore from Rs 1,356.52 crore during the period under review.
Commenting on the result, DLF CFO Ashok Tyagi told PTI: “One housing project has hit the revenue recognition threshold that has contributed to the increase in net profit”.
The BSE group ‘A’ stock of face value Rs 2 has touched a 52 week high of Rs 179 on February 4, 2015 and a 52 week low of Rs 93 on August 24, 2015.
Last one week high and low of the scrip stood at Rs 126.50 and Rs 114.65 respectively. The current market capitalisation of the company is Rs 21,869.28 crore.
The promoters holding in the company stood at 74.86 per cent, while institutions and non-institutions held 19.83 per cent and 5.30 per cent, respectively.
(With inputs from Reuters)