DLF net drops 49% in Q3 on loss provision

The country’s largest listed real estate developer DLF Ltd on Friday reported a 49 per cent fall in net profit at ₹145.29 crore for the third quarter ended December 31, 2013 compared with ₹284.8 crore in the same period a year back.

Total income rose to ₹2,590.20 crore in the quarter ended December from ₹2,291.25 crore in the year-ago period. Income from operations rose 57 per cent to ₹2,058.42 crore during October-December 2013 against ₹1,310.04 crore in the corresponding quarter of previous year, DLF said in a filing to the BSE.

Finance cost Profits too, dipped due to increase in finance cost to ₹633 crore during the third quarter of financial year 2013-14, from ₹581 crore in the corresponding quarter of the previous year. The company said it had made a loan loss provision of ₹411 crore in the books of accounts related to its settlement with the Delhi Development Authority (DDA).

DLF recently announced a final settlement with DDA in the Dwarka Convention Centre project. It received a refund of ₹675.81 crore from DDA as full and final settlement, after forfeiture of 25 per cent of the earnest money.

Appointments approved DLF said the board has approved the reappointment of Rajiv Singh as Vice-Chairman for a period of five years with effect from April 9. The board approved the appointment of Mohit Gujral and Rajeev Talwar as whole-time directors for a period of five years.