DLF Q2 net profit rises 19% to Rs445 cr
08 November 2019
Realty major DLF Ltd on Thursday reported consolidated net profit of Rs445.85 crore for fiscal second quarter ended 30 September 2019, a 19 per cent year-on-year increase, mainly on lower expenses.
The company's net profit stood at Rs374.74 crore in the year-ago quarter.
Total income for the July-September quarter of 2019-20, however, fell to Rs1,940.05 crore, against Rs2,304.9 crore in the corresponding period of the previous fiscal, DLF said in a regulatory filing.
During the second quarter, DLF's tax outgo fell to Rs74.21 crore from Rs139.31 crore in the year-ago period, while its operational expenses dropped to Rs1,827.89 crore from Rs2,031.39 crore.
The company reported exceptional profit of Rs143.56 crore during the July-September quarter.
DLF's board also approved the appointment of Vivek Anand as group chief financial officer (CFO).
The real estate major also announced the appointment of Vivek Anand as group chief financial officer (CFO).
Anand was earlier CFO-India Sub Continent and board member at GlaxoSmithKline Consumer Healthcare Ltd.
He has 25 years of experience in India, Singapore and Bangladesh, and has been a business leader at Unilever, Telenor and at GSK Consumer.
"Vivek will lead the group's finance, treasury, investor relations and IT functions. He will take over these responsibilities from Ashok Tyagi, who continues to be DLF's wholetime director and was acting CFO of the company," DLF said.
DLF has developed around 153 real estate projects and an area of approximately 330 million square feet. It currently has 221 million sq ft of development potential across residential and commercial segment. The group has an annuity portfolio of over 32 million sq ft.