India’s largest real estate company DLF Ltd recorded a 3.78 percent increase in its consolidated net profit on Wednesday.
A year ago, net profit of the same company was Rs 396 crore. According to the DLF statement, the sales and other receipts were up nearly 23 percent.
The DLF board has also approved issue of equity shares by its wholly owned subsidiary DLF Brands to a promoter group company, subject to shareholders’ approval.
Following the approval, DBL will cease to be a subsidiary of DLF. This decision is planned in order to exit out of its all non-core businesses.
A 37.5 per cent increase in ‘other income’ at Rs 132 crore (Rs 96 crore) also helped improve the bottomline.
The company has achieved the growth in net profit despite of an increase in finance charges and higher tax expenses. The finance charges for the quarter under review increased 35 per cent to Rs 388.44 crore (Rs 287.3 crore). Tax expenses grew 69.5 per cent to Rs 167.86 crore (Rs 99.3 crore).