DLF Q1 Results: Net down 13%

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DLF Q1 Results: Net down 13%
DLF: Quotes, News
BSE 115.75BSE Quote2.4 (2.07%)
NSE 116.00NSE Quote2.4 (2.07%)
Real estate major DLF reported a 12.81% dip in its consolidated net profit for the first quarter of 2011-12. It's net profit profit fell from Rs 411.03 crore an year earlier to Rs 358.36 crore.

The total revenue of the company increased by 16% from Rs Rs 2,161 crore an year earlier to Rs 2,503 crore for the quarter ended June 30, 2011, as per the regulatory filing statement to Bombay Stock Exchange (BSE).

EBITDA was up by 5 per cent to Rs 1,168 crore.

DLF's total expenditure increased by about Rs 300 crore to Rs 1,505 crore during the June quarter primarily on land, development rights and constructed properties.

The company recorded 2.2 million sq ft sales during the quarter, versus 1.9 million sq ft in the corresponding quarter last year. It handed over 1.9 million sq ft of area against 1.4million sq ft last year.

In May, the company had said that it has increased the divestment target for non-core assets (including land parcels) to Rs 10,000 crore from Rs 4,500 crore earlier.

In a statement, DLF Group chief financial officer Ashok Tyagi said: "While debt levels have remained similar to the previous quarter, our momentum on the non-core asset/ business divestments have gathered pace and these coupled with operational cash flows will help us in moderating our current debt levels".

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