DLF falls after Oct-Dec results fail to impress

Fri Feb 15, 2013 10:23am IST

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. REUTERS/Parivartan Sharma/Files

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

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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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