DLF Ltd., India’s biggest developer, reported profit that beat analysts’ estimates for the first time in three quarters.
Group net income fell 18 percent to 2.93 billion rupees ($53 million) in the three months ended June 30 from 3.58 billion rupees a year earlier, the company said in a statement to stock exchanges. That exceeded the 2.8 billion rupee median of 21 analysts’ estimates compiled by Bloomberg. Sales slid 10 percent to 22 billion rupees, New Delhi-based DLF said.
Billionaire Chairman Kushal Pal Singh faced with eight straight quarters of drop in profit is selling assets and reducing debt. DLF reporte total liabilities of 202.2 billion rupees in the three months ended March 31, data compiled by Bloomberg show. The developer plans to raise as much as 70 billion rupees from non-strategic asset sales in the next three years to reduce debt, DLF has said.
It is trying to sell its land in central Mumbai, the luxury-hotel chain Amanresorts International Pte and its windmills operations to help trim debt.
DLF shares gained 1.8 percent to 211.25 rupees at the close in Mumbai today. The stock was removed from the benchmark Sensitive Index on June 11.