MUMBAI DLF Ltd(DLF.NS), India's largest listed real estate developer, reported a 10.5 percent rise in quarterly net profit, helped by a one-time gain from the sale of non-core assets during the quarter ended Dec 31.
The New Delhi-based developer said consolidated net profit for its fiscal third quarter was 2.85 billion rupees compared with 2.58 billion rupees a year earlier.
In November, DLF concluded the sale of a 17-acre plot of land in Mumbai to private developer Lodha for 27 billion rupees, making a one-time, pre-tax gain of 8.4 billion rupees on the sale which boosted its overall profits.
Sales were down nearly 36 percent at 13.1 billion rupees over the same period.
Analysts expected the company to post net profit of 4.25 billion rupees, according to Thomson Reuters I/B/E/S.
(Reporting by Aditi Shah; Editing by Elaine Hardcastle)
Trending On Reuters
A recovery in India's credit growth could elude the country's banks until early 2016, despite an economy that in the first three months of this year is expected to have outpaced China. Full Article