DLF Limited has dipped 3% at Rs 178 in opening trades after reporting a 39% year-on-year (y-o-y) drop in its consolidated net profit at Rs 212 crore for the quarter ended March 31, 2012 due to lower income and higher interest cost.
The company's income for the quarter has declined to Rs 2,747 crore from Rs 2,870 crore last year, while the interest burden increased by 32% at Rs 604 crore on y-o-y basis.
"Continuing high inflation coupled with a one-time budgetary impact of Rs 300 crore because of outsourcing of construction activities in ongoing projects to third party construction agencies adversely impacted the financial performance of the company," India's biggest developer DLF said in a statement.
Meanwhile, the board has recommended a dividend of Rs 2/- per equity shares on the face value of Rs. 2/- each subject to the shareholders' approval.
A combined around 150,000 shares have changed hands on the counter in opening trades on both the exchanges.
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