DLF Ltd suffers net loss of Rs 1,857.76 cr for Q4FY20; net loss of Rs Rs 583.19 cr in whole of FY20

New Delhi: Realty player DLF Ltd suffered consolidated net loss of Rs 1,857.76 crore for the fourth quarter of 2019-20 fiscal as compared to a net profit of Rs 436.56 crore in the same quarter of the previous fiscal. 

The consoldated total income of the company went down around 30 percent to Rs 1,873.8 crore for the fourth quarter of 2019-20 fiscal as compared to Rs 2,660.95 crore in the same quarter of the previous fiscal. 

For the whole fiscal 2019-20, the company suffered a consolidated net loss of Rs 583.19 crore as compared to a net profit of Rs 1,319.22 crore in the previous financial year, the company said in a regulatory filing.

For the whole fiscal 2019-20, DLF’s consoldated total income fell 24 percent to Rs 6,884.14 crore as compared to Rs 9,029.41 crore in the previous financial year.

The loss of the company in the fourth quarter of 2019-20 fiscal was mainly because of one-time DTA reversal of Rs 1,916 crore, on adoption of lower-tax rate, the company said in a statement. 

"In view of COVID-19, after a thorough analysis and following a prudent approach, the company has undertaken certain provisions to reflect changes in the carrying value of some of its assets and investments. This has led to a one-time, exceptional provision (net of taxes) of Rs. 272 crore," the statement said.

Ashok Tyagi, Whole Time Director of DLF, said that the company is well poised to take on any challenge that may arise due to any circumstances on the strength of company brand image, liquidity and balance sheet. However, he admitted that corona pandemic has resulted in term recalibration of real estate demand in the country for all real estate developers in the near term. 

He also said the full impact and the long term implications of the current corona pandemic is yet to be ascertained but DLF has a positive outlook for the long term. The corona pandemic has made the company more resilient and has presented an opportunity to the company to be more efficient in business, especially in terms of cost structure.

On standalone basis, DLF suffered a net loss of Rs 1,076.98 crore for the fourth quarter of 2019-20 fiscal as compared to a net profit of Rs 253.33 crore in the same quarter of the previous fiscal. 

The standalone total income of the company fell marginally to Rs 1,005.37 crore for the fourth quarter of 2019-20 fiscal as compared to Rs 1,035.66 crore in the same quarter of the previous fiscal. 

For the whole fiscal 2019-20, the company’s standalone net profit jumped more than 3-fold to Rs 2,264.31 crore as compared to a net profit of Rs 687.60 crore in the previous financial year.

For the whole fiscal 2019-20, DLF’s standalone total income jumped about 31 percent  to Rs 4,863.57 crore as compared to Rs 3,708.77  crore in the previous financial year.

The company recommended a final dividend of Re 0.80 for each equity share of the face value of Rs 2 each for the fiscal 2019-20. DLF had already paid an interim dividend of Rs 1.20 for each equity share on 15 February, 2020 for the fiscal 2019-20. The date of the AGM and the date when the dividend will be paid will be informed in some time, the company said in the regulatory filing. 

Chairman of the company KP Singh has stepped down from his position and his son Rajiv Singh has taken over as the chairman of the company. 

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