India's largest realty firm DLF on Wednesday reported 28 per cent fall in its consolidated net profit at Rs 100.05 crore during second quarter of the current fiscal due to lower sales and higher interest and tax outgo.
The company had posted a net profit of Rs 138.51 crore in the year-ago period, DLF said in a statement.
Income from operations declined by four per cent at Rs 1,956.09 crore during July-September quarter of 2013-14 fiscal compared with Rs 2,039.54 crore in the corresponding period of last fiscal.
Total expense grew to Rs 1,527.22 crore during the second quarter of the current fiscal from Rs 1,476.89 crore in the year-ago period.
Finance cost increased to Rs 609.08 crore from Rs 522.42 crore, while tax outgo also rose to Rs 85.47 crore from Rs 39.38 crore during the period under review.
DLF has 320 million sq ft of planned projects with 52 million sq ft of area under construction.
The company's share price closed at Rs 149.20 apiece on BSE, down by 0.50 per cent.
DLF's total income rose by 3 per cent to Rs 2,225 crore during July-September quarter of this fiscal against Rs 2,157 crore in the year-ago period.
DLF achieved a total sales booking of Rs 3,160 crore in the first half of this fiscal against Rs 1,326 crore in the year-ago period.
In the commercial segment, the leasing volumes stood at 1 million sq ft during the first half of this fiscal compared to 0.53 million sq ft in the first six months of the previous financial year.
Realisation from divestment of non-core assets stood at Rs 870 crore.
"Given the pipeline of divestitures, the company remains committed to reduce its net debt to Rs 17,500 crore by end of FY 2014," DLF said.
Its net debt stood at Rs Rs 20,369 crore at the end of the June quarter.
"Lastly, in the current economic and high interest rate environment, the company expects a slow absorption of product in the market.
"Despite these adverse conditions, the company has managed to more than double its H1 sales bookings compared to corresponding period of last year. The company remains hopeful in achieving its ales booking target for the year," DLF said.
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