Birla Corporation first Quarterly net profit at Rs 43.21 crore

DLF Infinity in DLF Cybercity Gurgaon

DLF Infinity in DLF Cybercity Gurgaon

Mercator Ltd posted a net loss of Rs 28.70 crore for the quarter ended June 30, 2017, on the back of lower income.

The company's revenue from operations during the June quarter this fiscal saw a 59.4 per cent year-on-year jump to Rs 1,667.74 crore from Rs. 1046.12 crore for the same quarter last fiscal, according to a stock exchange filing. "The company expects that sector would achieve normalcy over next 2-3 quarters".

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". "The Company shall have a healthy pipeline of finished inventory for sale in foreseeable future when the demand returns", it said.

India's largest real estate firm DLF Ltd continued to burn cash on account of construction spend and weak home sales in the April-June quarter and anticipates a temporary spike in net debt levels, it said in an analyst presentation on Saturday night.

In March, DLF promoters K P Singh and family had entered into an exclusivity pact with Singapore's sovereign wealth fund GIC for the stake sale. Given the complexity of issues related to the transition to the new regime of RERA and the goods and service tax (GST), new sales booking shall get deferred for at least a quarter, DLF said.

On the property market, DLF said in a statement, "Despite growth in the economy, the demand for residential real estate continues to be soft".

Sources had earlier said the deal is likely to be valued at around Rs 12,000-13,000 crore.

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