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« Nano Pushes Housing Sales in Kolkata | Home | Real Estate India can be Back on Track in another 24 Months »

DLF Sees Massive Drop in Profit in Q4

The country’s largest real estate developer DLF has posted a lower-than expected profit of Rs 159 crore for the quarter ended March 2009, down 93% from the year-ago period. Revenue fell 69% to Rs 1,351 crore as downturn in real estate sector has dramatically slowed sales. DLF said the price reductions for existing customers in its projects will have a total revenue impact of Rs 688 crore and profit before tax impact of Rs 302 crore.

DLF has reduced prices for some of its projects in Gurgaon, Chennai and Bangalore. DLF said it was exiting non-strategic businesses, including wind power, where it has received response from potential buyers and a due diligence was underway. The company said it has also decided to exit its large township projects in Bidadi (Karnataka) and Dankuni (West Bengal).

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