Without one-off gains, DLF's own pre-tax profit fell 34%

Companies No. 79 17 October 2026 · 1 min read

DLF's net profit for the September quarter rose 10%, to ₹1,301 crore from ₹1,180 crore. Revenue from operations, its income from selling and renting property, fell 23% to ₹1,261 crore.

A one-off fills the gap. DLF holds compulsorily convertible debentures (CCDs, debt that must turn into shares) in Atrium Place, a 67% joint venture. A waiting period on 3 tranches ended, so it revalued them and booked a ₹738.71 crore gain in other income: 74% of its own pre-tax profit of ₹1,003 crore, before joint ventures.

Last year's quarter had one-offs too, from settling a dispute with Joyous Housing: ₹411.72 crore of old interest in other income and a ₹235.19 crore exceptional gain. Take each year's one-off out of other income and DLF's own pre-tax profit fell 34%, from ₹398 crore to ₹265 crore.

What grew is its share of joint venture profit, up 21% to ₹499 crore, mainly from DCCDL, the office and mall owner DLF holds 66.67% of.

So the rise is a revaluation bigger than last year's one-off, more profit from DCCDL and a smaller tax bill. DLF's own property business earned less, though it counts ₹60,134 crore of property sold but not yet booked as revenue.

A waterfall from DLF's own pre-tax profit of ₹265 crore, up by a ₹739 crore revaluation gain to ₹1,003 crore, down by ₹201 crore of tax and up by ₹499 crore of joint venture profit to a net profit of ₹1,301 crore.

Two stacked blocks: a year ago DLF's ₹810 crore pre-tax profit was ₹398 crore from its own business and ₹412 crore of one-off interest; now ₹1,003 crore is ₹265 crore from its own business and a ₹739 crore revaluation gain.

A bar of ₹2,297 crore split into ₹1,261 crore of revenue from operations, a ₹739 crore revaluation gain and ₹298 crore of other income.

Sources