DLF Q4 net drops 23% to Rs 132 crore
NEW DELHI: India's largest real estate firm DLF has reported a 23% drop in its consolidated net profit at Rs 132 crore for the quarter ended March 2016, compared to a net profit of Rs 172 crore, in the same quarter last year. The company's consolidated revenues increased by 19% to Rs 2,496 crore for the January-March 2016 quarter from Rs 2,101 crore a year ago, but were down 16% from Rs 2,981 crore in the quarter ended December 2015.
DLF's EBIDTA stood at Rs 1,035 crore in the quarter, up 23% from Rs 843 crore a year ago. For the year ended March 2016, DLF's net profit rose 2% to Rs 549 crore compared to Rs 540 crore in the previous year.
Consolidated revenue for the year stood at Rs 9,819 crore, up 20% fromRs 8,168 crore in the previous year. DLF achieved net sales of 1.14 million sq ft worth Rs 3,150 crore during the year. It completed 14.07 million sq ft of space across projects in the year and achieved net leasing of 1.02 million sq ft of office space duof office space during the year. With this the company's overall annuity income grew to around Rs 2,600 crore. DLF said the residential sector remained soft during the year with muted demand across most micro markets in which the company is present.
"DLF 5, however, continued to garner good interest and clocked in healthy sales amounting to approx.
Rs 2,940 crore," it said. "During the last few quarters the company has witnessed large number of inquiries signaling early green shoots of recovery for the sector. The Company believes that the sector can see a turnaround in the near future."