DLF Q2 net down by 77%; LOR to exit from DLF-LOR JV
Realty giant DLF`s consolidated net profit fell by 77.28 per cent to Rs 439.74 crore in the second quarter of this fiscal due to lower property demand.
New Delhi: Realty giant DLF`s consolidated
net profit fell by 77.28 per cent to Rs 439.74 crore in the
second quarter of this fiscal due to lower property demand.
DLF also announced that it will buy out Laing O` Rourke`s
(LOR) stake in DLF-LOR, a 50:50 construction business joint
venture between DLF and UK-based LOR.
The JV was set up to execute various captive projects of
the group, but recently there have been reports that the
British partner was looking at exiting from the JV.
"For better integration and strengthening execution, DLF
is buying out Laing O` Rourke`s stake in DLF-LOR JV," the
company said in a statement.
On a sequential basis, DLF`s net profit rose by 11 per
cent to Rs 440 crore against Rs 396 crore in the previous
The consolidated total income during the quarter ended
September fell by 52.86 per cent to Rs 1,810.38 crore. The
revenue, however compared to that in the previous quarter, was
higher by 4 per cent.
"The second quarter of the fiscal carried forward the
momentum set during the first quarter. As the demand has
recovered, sales in homes have picked up considerably," DLF
Vice Chairman Rajiv Singh said.
The company would continue to launch a mix of attractive
products across locations, he added.