DLF Ltd, India's biggest listed real-estate developer, reported a 24 percent rise in quarterly profit, helped by a surge in income from commercial rental business even as demand for residential property remained weak. The company's net debt fell to 214.11 billion rupees ($3.14 billion) at end-December from 225.20 billion rupees it reported in the preceding quarter, New Delhi-based DLF said in a statement issued late on Tuesday.
DLF's net profit in the October-December quarter was at 1.64 billion rupees ($24.03 million), up from 1.32 billion rupees in the year-ago period. Total income in the quarter rose 43.3 percent to 29.81 billion rupees. The company said the residential property market continued to be soft, and the developer was able to sell in its existing projects at a slower pace.
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