DLF Ltd has posted a net profit/(loss) after taxes, minority interest and share in profit/(loss) of associates of Rs. 1277.70 mn for the quarter ended June 30, 2014 as compared to Rs. 1811.90 mn for the quarter ended June 30, 2013.
Total Income has decreased from Rs. 24531.80 mn for the quarter ended June 30, 2013 to Rs. 18516.00 mn for the quarter ended June 30, 2014.
Recognizing that the real estate/housing sector is a key contributor to the growth of GDP and employment, the Government has announced a slew of measures in the Budget that will result in stimulus to the real estate industry in the medium term. Additional tax exemptions for consumers, categorization of ‘affordable’ housing an infrastructure status, and tax benefits to the REITs will go a long way in the revival of the industry.
The Company expects the market conditions to be challenging and demanding in the short term. Whilst the Company believes that the slowdown is bottoming out, it will take a couple of quarters for the ground situation to improve.
The Company wishes to reiterate that it remains committed to its medium term strategy of continuing with its execution run rate thereby creating more stock which can result in better and faster realizations as the cycle turns. Additionally, we continue to invest to improve the quality of land through payment of government charges and infrastructural improvements. Lastly, we remain focused to improve the quality and pricing of debt through instruments such as CMBSs.
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