DLF, India’s biggest listed property developer, posted a 21 per cent jump in quarterly profit on lower costs even as home sales are slow to pick up in a recovering economy.
The New Delhi-based company earned Rs. 132 crore for the quarter ended September 30, compared with Rs. 110 crore last year.
Total income fell to Rs. 1,997 crore from Rs. 2,136 crore from a year earlier.
India’s central bank in September cut lending rates to boost the economy and home buying, but the impact is yet to be felt on the real estate sector, DLF said in a statement late on Tuesday.
“The real estate industry continues to face liquidity issues, resulting in half finished projects. Low consumer interest, coupled with infrastructural constraints, delayed approval and high cost of capital afflict the industry,” DLF said.