DLF slumps 3% on drop in Q3 net profit

The country’s largest real estate firm, DLF dipped by over 3% at Rs 152 on the BSE (Bombay Stock Exchange) after posting a 9% decline in its consolidated net profit to Rs 132 crore for the quarter ended December, owing to low sales and higher finance cost.

It had a profit of Rs 145 crore a year ago. The finance cost increased to Rs 648 crore from Rs 633 crore a year ago. The income from operations fell by 5% to Rs 1,957 crore for the quarter ended December from Rs 2,058 crore a year ago.

“We expect the sales volume in the residential segment to reach normal volumes in 12 to 18 months. The rental business, a leading indicator of demand, continues to grow at the targeted pace,” DLF said.

The stock opened at Rs 152 and touched a low of Rs 148 on the BSE. A total of 3,03,319 shares changed hands on the BSE so far.