New Delhi Feb 13 (IANS) Real estate major DLF on Tuesday reported an exponential rise in its consolidated net profit for the third quarter of 2017-18 to Rs 4 111.95 crore.
According to the company its consolidated net profit increased on the back of "one-time exceptional pre-tax gain of Rs 8 569 crore due to restatement of DLF s investment in DCCDL".
COnsequently the Q3 consolidated net profit rose to Rs 4 111.95 crore from Rs 98.88 crore reported during the corresponding period of FY17.
The company reported "a one-time exceptional gain on account of restatement of the DLF s investment in DCCDL at fair market value..."
"Certain other revaluation impairments and provisions relating to valuation of certain assets land parcels and investments have also been accounted for " the company said in a statement.
"The non-annualised EPS for the quarter was Rs 22.93 including one-time exceptional gain. Net Bank Debt for DLF (consolidated ex-DCCDL) stood at approx. Rs 5 500 crore."
The "DDCDL CCPS" transaction was completed in December 2017 as a result of which the promoters of the company received the consideration of Rs 8 900 crore (approx.) against the sale of shares and Rs 1 600 crore (approx.) towards buy back of "CCPS".
Subsequently the shareholders of the company had approved a preferential allotment of "CCDs and Warrants" to the promoters for total consideration up to Rs 11 250 crore.
The promoters have infused Rs 9 000 crore in the company against allotment and the "balance amount of Rs 2 250 crore will be infused in the company over the course of 18 months".
As per the statement the company has utilised the proceeds to primarily prepay a "substantial portion of its outstanding debt".
"The company has already repaid debt of Rs 7 100 crore (approx.) till date. DLF Limited remains confident to become net debt zero by end-FY19 " the statement added.
--IANS
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