L&T looks overseas to offset weak home market; Q4 net profit falls
India's largest engineering and construction group, will look overseas to offset a weak economy and project bottlenecks at home that led to a bigger-than-expected profit drop. Article | Full Coverage
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DLF falls after Oct-Dec results fail to impress
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Employees from the electricity board work on overhead cables installed in front of the residential apartments constructed by property developer DLF at Gurgaon, on the outskirts of New Delhi, June 19, 2012.
Credit: Reuters/Parivartan Sharma/Files
Reuters Market Eye - Shares in DLF Ltd (DLF.NS) fell as much as 3.6 percent a day after India's largest listed real estate developer reported a net profit of 2.85 billion rupees, that missed market expectations.
DLF's Oct-Dec earnings include 8.4 billion rupees from the sale of Jawala Real Estate, the entity owning the NTC Mumbai land. Adjusting for this, DLF reported a loss of 5.5 billion rupees.
"Lower pre-sales and cost escalations led to a sharp fall in EBITDA margin from 36.6 percent to 6.6 percent quarter-on-quarter," Jefferies said in a note.
(Reporting by Manoj Dharra)
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