DLF Limited shares fall; adjusted profit lags estimates

Feb 17 2014, 14:17 IST
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DLF Ltd net profit fell 49% to 1.45 bn rupees from 2.85 bn rupees a year earlier. (AP) DLF Ltd net profit fell 49% to 1.45 bn rupees from 2.85 bn rupees a year earlier. (AP)
SummaryDLF Ltd net profit fell 49% to 1.45 bn rupees from 2.85 bn rupees a year earlier.

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.

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