Birla Corporation Ltd reported consolidated net profit at Rs 43.21 crore for the first quarter.
On Saturday, DLF posted a 58% drop in net profit to Rs109.01 crore in the April-June quarter while its revenue rose marginally by 9% to Rs2,211.24 crore, compared to the corresponding year-ago quarter.
It had clocked a net profit of Rs 22.09 crore in the year-ago quarter.
DLF also informed that the transaction for sale of compulsorily convertible preference shares (CCPS) in its rental arm DLF Cyber City Developers (DCCDL) is in advanced stages of discussion.
Despite the uncertainty and period of transition, the company said it has continued to focus on completion of projects in order to create finished inventory for sale in the future when normalcy returns after 2-3 quarters.
Global community failed to prevent Indian oppression against Kashmiris: FO
FO spokesperson said that this week 15 defenceless Kashmiris were by Indian armed forces in Indian occupied Jammu and Kashmir. He said this during a weekly press briefing in Islamabad on Thursday.
In March, DLF promoters K P Singh and family had entered into an exclusivity pact with Singapore's sovereign wealth fund GIC for the stake sale.
Sources had earlier said the deal is likely to be valued at around Rs 12,000-13,000 crore.
On the property market, DLF said in a statement, "Despite growth in the economy, the demand for residential real estate continues to be soft".
"Though the results are below expectations due to unforeseen disruption in some key markets where the company operates, it was a quarter of major consolidation and capacity building across functions, which makes the Group well positioned for the economic upturn expected in the coming months and the next fiscal year", said company Chairman Harsh V. Lodha. "The company is fully compliant with GST regime", DLF said.