New Delhi-based DLF said net profit rose to Rs 1,864 crore in its fiscal first quarter ended June from Rs 1,515 crore in the year-ago quarter. Total revenue was up 23.2 per cent at Rs Rs 3,846 crore from Rs 3,121 crore a year earlier.
DLF’s closest rival Unitech on Wednesday reported a 15.6 per cent rise in quarterly profit and its managing director expected growth to continue despite high lending rates, which have crimped demand and increased developers’ borrowing costs.
Property developers are selling stakes in individual projects to private equity firms to help fund expansion amid tight credit markets and as turbulent market conditions have forced them defer share sales.
DLF has shelved a planned $1.5 billion initial public offer for its property trust in Singapore.
Shares in DLF, valued at about $20 billion, rose 3.8 per cent, ahead of the results announcement in a Mumbai market that gained 0.5 per cent. The shares are down more than 50 per cent in 2008, compared with a nearly 30 per cent drop in BSE. DLF is spending about Rs 1,100 crore to buy back up to 1.3 per cent of its shares, joining other firms that have announced similar plans to stem sliding stock prices.
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