DLF Ltd has reported a 44 per cent decline in net profit on a consolidated basis for the third quarter of the current year as compared with the corresponding quarter previously.
According to a press release from the company, the profit after tax for the quarter ended December 31 was Rs 258 crore (Rs 466 crore) on a revenue of Rs 2,396 crore (Rs 2,594 crore).
The country's largest real estate developer continues to face operational headwinds due to higher interest rates , growing labour costs and rising commodity prices .
It could take a few more quarters before DLF regains growth. The company plans to continue with its ongoing plans of plotted land development, focus on premium housing and divestment of non-core assets and debt reduction.
During the quarter, the company sold the Noida IT Park and Pune IT SEZ and its realisations from divestment of non-core assets was Rs 1,200 crore.
On the operations front, its sales booking stood at 3.30 million square feet, gross leasing volumes 0.42 million square feet and area under construction was 45 million square feet. The total developable potential was 349 million square feet.