DLF reports Rs 180 cr loss before tax on lockdown-induced disruption

Firm's operating revenue plunged 59 per cent year-on-year to Rs 543.6 crore from Rs 1,331.2 crore

Real estate major DLF reported a Rs 179.5 crore pre-tax loss for the quarter ended June 30. The firm had posted Rs 158.9 crore consolidated profit before tax during the same quarter last year. Its operating revenue plunged 59 per cent year-on-year to Rs 543.6 crore from Rs 1,331.2 crore.

Disruption in construction and sales activities following the lockdown, heavily impacted its finances during the quarter. DLF said, residential segment was muted and it registered new sales booking of only Rs 165 crore, compared to Rs 705 crore y-o-y. While it attempted to optimize costs, total expenses could be brought down only by 51 percent. Moreover, unlike in the corresponding quarter, it did not benefit from additional revenue stream under the head of ‘exceptional items’.

Its joint venture with GIC, DLF Cyber City Developers witnessed headwinds as its performance in the rental business was impacted due to the retail malls remaining shut during the lockdown period and consequent rental waivers. It reported Rs 160 crore net profit and Rs 929 crore revenue for April-June period. The malls are reopening, “but with restrictions for multiplexes, limited operational timings and social distancing measures, we are witnessing continued but gradual recovery in the retail business”, it said.