Mercator slips to red with Rs 29 cr net loss in Q1

Pierre Vaugeois
Août 13, 2017

Birla Corporation Ltd, the MP Birla group flagship company, today reported consolidated net profit at Rs 43.21 crore for the first quarter ended June 30,2017.

The decline in net profit during the quarter under review was due to one-time extraordinary gain of Rs 329 crore in the corresponding three months from the sale of DT Cinemas to PVR group.

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.

In March, DLF had said that its promoters are in exclusive talks with Singapore sovereign fund GIC Pte.to sell 40% stake in DLF Cyber City Developers Ltd (DCCDL).

In compliance with Real Estate (Regulation and Development) Act or RERA, DLF halted all sales from 1 May. "The company expects that sector would achieve normalcy over next 2-3 quarters". "Continued capex in new office complexes and construction spend on residential spend shall result in temporary spike in net debt levels for which financing is already in place", DLF said.

In February a year ago, 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 company shall have a healthy pipeline of finished inventory for sale in foreseeable future when the demand returns", the statement said. Back-end integration challenges continued as it was dependent upon the timing of the GST registrations of the vendors also.

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