DLF reports Rs 1,860-crore net loss in Q4; Rajiv Singh is new chairman

By: |
Published: June 5, 2020 4:50 AM

For FY20, DLF reported a consolidated total income of Rs 6,888 crore against Rs 9,029 crore in FY19. It posted a consolidated net loss of Rs 590 crore against a net profit of Rs 1,314 crore.

The company declared a final dividend of Rs 0.80 per share declared over and above the previously declared interim dividend of Rs 1.20 per share.The company declared a final dividend of Rs 0.80 per share declared over and above the previously declared interim dividend of Rs 1.20 per share.

Real estate major DLF on Thursday reported a consolidated net loss of Rs 1,860.13 crore for the January-March quarter of FY20, against a net profit of 413.10 crore during Q3FY20, due to a one-time exceptional provision and a one-time DTA reversal on adoption of a lower-tax rate.

The real estate developer also announced its board decision of change in chairmanship of the company with vice-president Rajiv Singh taking over the top role from his father KP Singh, who will become chairman emeritus.
The company’s consolidated total income for the fourth quarter stood at Rs 1,873.80 crore against an income of Rs 1,533.34 crore in Q3 FY20 and Rs 2,660.95 crore in Q4 FY19.

For FY20, DLF reported a consolidated total income of Rs 6,888 crore against Rs 9,029 crore in FY19. It posted a consolidated net loss of Rs 590 crore against a net profit of Rs 1,314 crore.

“In view of Covid-19, after a thorough analysis and following a prudent approach, the company has undertaken certain provisions to reflect changes in the carrying value of some of its assets and investments. This has led to a one-time, exceptional provision (net of taxes) of Rs 272 crore. Further, there was a one-time DTA reversal of Rs 1,916 crore, on adoption of lower-tax rate,” DLF said in a statement.

The company declared a final dividend of Rs 0.80 per share declared over and above the previously declared interim dividend of Rs 1.20 per share.

On outlook, DLF said, “Covid-19 pandemic has led to industry-wide short-term recalibration of demand. While the long-term impact and full extent of this crisis remain to be seen, the company retains a positive outlook for the long term. The company has sufficient liquidity to sail through these uncertain times”.

DLF announced the succession plan for its chairman with KP Singh resigning from the post on Thursday and the board approving Rajiv Singh’s appointment. The senior Singh will continue in a non-executive role as chairman emeritus.

The 90-year old Singh, who steered DLF for the last four decades, joined the company in 1961 from the army. He conceptualised and built the company’s flagship project, DLF City, in Gurgaon. KP Singh hangs his boots after overseeing the journey of Delhi Land & Finance (DLF) into the country’s biggest listed property firm.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Poco mojo: Understanding the Xiaomi spin-off brand, its product choices, and future goals including monetization prospects
2TikTok loses, ‘desi’ Mitron wins as India declares war against Chinese apps
3Modi govt’s MSME credit scheme jumps over 1300% in disbursement; supported this many Covid-hit firms