Mumbai: Real estate major DLF on Friday reported a decline of 90.5 per cent in its consolidated net profit for the second quarter of 2017-18, at Rs 19 crore, as compared Rs 200 crore reported for the corresponding period of last fiscal.
“Post the enactment of RERA by various states, the company adopted a cautious approach by shutting down its sales in order to fully understand the compliance requirements of this new law,” the realty major said in a statement.
“However, the company continued with the execution momentum resulting in negative operating cash flows… In the short term, the financials will continue to be impacted as new sales bookings will get reflected with a lag of a quarter – in the financials in Q4.”
–IANS