MP Birla Group flagship company Birla Corporation on Saturday reported a 54 per cent decline in its consolidated net profit to Rs 43.21 crore for the first quarter ended June 30 as compared to Rs. 94.44 crore for the same period a year ago.
Total income of the company, however, increased by 9% to Rs 2,211.24 crore in the April to June quarter this year, compared with Rs 2,025.58 crore in the same period last year.
On the much-awaited stake sale in its rental unit, DLF said that it is in the final stages of discussion on the documentation and shall be put up to the "Audit Committee/Board for final approval".
In October 2015, DLF had announced that its promoters would sell their entire 40 per cent stake in DCCDL, which holds the bulk of the commercial assets of the group.
In February past year, the company had signed a definitive share purchase agreement with Reliance Infrastructure for acquisition of its entire cement business for an enterprise value of Rs 4,800 crore.
The demand for office leasing space continues to be good for the company.
DLF expects the property market to recover soon with reduction in key policy rates by the RBI this month.
After the roll out of the Real Estate Regulatory Act in the June quarter, DLF said there was uncertainty in the market as each state followed a different time-table for adoption of the central law and framing of their rules. Back-end integration challenges continued as it was dependent upon the timing of the GST registrations of the vendors also.