DLF Q3 results: Profit rises 27% to Rs 656 crore; to sell DLF Centre office complex for Rs 825 crore

Realty major DLF Ltd on Wednesday reported a 27 per cent increase in consolidated net profit to Rs 655.71 crore in the December quarter on higher income and less expenses. Its net profit stood at Rs 517.94 crore in the year-ago period.

Total consolidated income rose to Rs 1,643.51 crore in the October-December quarter of the 2023-24 fiscal from Rs 1,559.66 crore in the corresponding period of the previous year, according to a regulatory filing. DLF's total expenses declined to Rs 1,131.97 crore in the third quarter of this fiscal from Rs 1,151.62 crore in the year-ago period.

DLF board also approved the sale of its office building DLF Centre in the national capital to group firm DLF Cyber City Developers Ltd (DCCDL) for Rs 825 crore.

"In line with the company's stated intent and strategy to consolidate the rental business, the board has approved the sale of one of the compony's assets namely 'DLF Centre', a commercial building in Central Business District of New Delhi to DLF Cyber City Developers Ltd, a material subsidiary of the compony of on aggregate consideration of Rs 825 crores," the company said.

On a standaone basis, DLF's net profit rose 57 per cent to Rs 463.66 crore in the third quarter of this fiscal year from Rs 294.86 crore in the year-ago period. Total standalone income rose to Rs 1,117.40 crore in the latest December quarter from Rs 973.89 crore in the year-ago period, according to a regulatory filing. DLF is India's largest real estate in terms of market capitalisation.