The largest realty firm in the country reported a Rs 4,091.27 crore profit for December 2017 which is a nearly 42-fold rise from its third quarter last year.
The rise in profits was driven by stake sale of its rental arm to GIC Private Limited, formerly known as Government of Singapore Investment Corporation.
It had a net profit of Rs 98.14 crore for December 2016.
However, its total income fell to Rs 1,855.21 crore in the third quarter ended December 2017 from Rs 2,177.90 crore in the same quarter for the previous year.
DLF has made an exceptional gain of Rs 8,569.34 crore, mainly on the back of promoters stake sale in rental arm DLF Cyber City Developers Ltd.
In December 2017, promoters concluded the sale of entire 40% stake in DCCDL for Rs 11,900 crore. This deal included the sale of 33.34% stake in DCCDL to GIC for Rs 8,900 crore and buyback of remaining shares worth Rs 3,000 crore by DCCDL.
In a statement, New Delhi based DLF explained that profit has gone up due to one-time exceptional gain on account of restatement of the DLFs investment in DCCDL at fair market value based on Indian accounting standards (IndAS 110), as DCCDL is now being accounted as a joint venture instead of a subsidiary.
Inputs from PTI