Wiping out initial losses, shares of realty firm DLF on Tuesday ended with over 2 per cent gains on fag-end buying. The company has reported a 9 per cent decline in consolidated net profit for the quarter ended December 31 post market hours on Monday.
After falling 5.91 per cent to Rs. 148 in intra-day trade at the BSE, shares of DLF saw some buying at the fag-end of the trade and finally ended at Rs. 157.95, up 0.41 per cent. At the NSE, it settled 2.20 per cent higher at Rs. 160.55.
In terms of volume, 20.77 lakh shares of the company changed hands at the BSE and over one crore shares were traded at the NSE during the day. India’s largest realty firm had reported 9 per cent decline in consolidated net profit at Rs. 131.79 crore for the quarter ended December due to fall in sales as well as other income.
Its net profit stood at Rs. 145.29 crore in the year-ago period, DLF had said in a filing to the BSE. Income from operations fell by 5 per cent at Rs. 1,956.72 crore for the third quarter of this fiscal from Rs. 2,058.42 crore in the corresponding period of the previous year.
Total income declined by 20 per cent to Rs. 2,079.82 crore for the quarter ended December 31, 2014, from Rs. 2,590.2 crore for the quarter ended December 31, 2013.
Besides lower sales, DLF’s net profit fell because its other income dropped by 77 per cent to Rs. 123.1 crore during October-December quarter of this fiscal from Rs. 531.78 crore in the year-ago period.
Meanwhile, the Competition Commission has ordered a fresh probe against realty major DLF, finding the company to have prima facie abused its dominant position, making it the second such probe ordered within two days.
The new order, in which CCI has asked its investigative arm to conduct a detailed probe, relates to alleged “abuse of dominant position in development and sale of residential units in Gurgaon” for the Skycourt residential project of DLF Universal Ltd. This follows another probe ordered by CCI on Monday for probe into similar complaints related to the ‘Regal Gardens at DLF Garden City’ project in Gurgaon.
