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DLF shares drop after Q4 loss of Rs 1,860 crore

News Agencies | Updated on: 5 June 2020, 11:52 IST

Shares of DLF Ltd dropped by 1.9 per cent on Friday morning after the country's biggest listed real estate developer reported a net loss of Rs 1,860 crore during the fourth quarter ended March.

It had posted a net profit of Rs 435 crore in Q4 FY19. Consolidated income fell by 30 per cent to Rs 1,874 crore, the company said.

The Q4 FY20 loss was after a one-time exceptional tax provision of Rs 272 crore and a deferred tax asset (DTA) reversal of Rs 1,916 crore on the adoption of the lower tax rate.

"The COVID-19 pandemic has led to an industry-wide short-term recalibration of demand. While the long-term impact and full extent of this crisis remain to be seen, the company retains a positive outlook for the long term," DLF said in a statement.

"The company has not availed any moratoriums or deferments on its debt obligations. The company has sufficient liquidity to sail through these uncertain times," it said.

In another development, DLF appointed Vice Chairman Rajiv Singh as the new chairman, replacing K P Singh. The latter will continue in a non-executive role as Chairman Emeritus.

At 11:15 am, the company's stock was trading at Rs 153.40 per unit, down 1.92 per cent. 


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First published: 5 June 2020, 11:52 IST