Profit stood at Rs 292.79 crore in the year-ago period. However, income from operation increased by 5 percent to Rs 2,314.08 crore in the first quarter of this fiscal compared with Rs 2,197.71 crore in the corresponding period of last fiscal. (Agencies)
The board re-appointed KP Singh as Chairman for a period of 5 years with effect from October 1, 2013, and co-opted Rajiv Krishan Luthra and Pramod Bhasin as additional Directors in capacity of Non-executive Independent Directors, DLF said in a filing to the BSE yesterday.
Luthra is Founder and Managing Partner of Luthra & Luthra Law Offices while Pramod Bhasin was the former President and Chief Executive Officer of Genpact.
DLF's net profit fell in the first quarter of this fiscal mainly due to 20 percent increase in the total expenses to Rs 1,576.71 crore from Rs 1,309.26 crore in the year-ago period.
"Although profit is lower than the year-ago period, it has jumped sharply from a loss of Rs 4 crore loss in fourth quarter of last fiscal," DLF Group CFO Ashok Tyagi said.
During the quarter, the company achieved sales bookings of Rs 2,430 crore compared to a total of Rs 3,800 crore for the full year of FY13, DLF said in a statement.
The realization from divestment of non-core assets stood at Rs 215 crore and proceeds from the IPP at Rs 1863 crore during the quarter, helping the company in reducing debt.
The net debt fell to Rs 20,369 crore at the end of the June quarter from Rs 21,731 crore as on March 31, 2013.
"The company reiterates its annual guidance of net debt reduction to Rs 17,500 crore by end of FY14," DLF said.
During first quarter, DLF said that its joint venture firm DLF Pramerica Life Insurance posted a loss of Rs 20 crore, while hotel business reported a profit of Rs 10.44 crore.
DLF has 320 million sq ft of planned projects with 52 million sq ft of projects under construction.
Profit stood at Rs 292.79 crore in the year-ago period. However, income from operation increased by 5 percent to Rs 2,314.08 crore in the first quarter of this fiscal compared with Rs 2,197.71 crore in the corresponding period of last fiscal.