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Realty firm DLF has agreed to sell a 49 per cent stake in its upcoming commercial project in Gurugram to US-based Hines for about ₹900 crore. This will be the second project that DLF will develop in joint venture with Hines.
Profit increases
DLF, meanwhile, reported a net profit of ₹373.2 crore for Q2 FY19, against ₹12.57 crore in the same quarter last fiscal.
However,the bottomline performance is not comparable on a YoY basis as DLF has gone in for mandatory revenue recognition under the IndAS 115 accounting standard with effect from April 1.
The comparative previous year figure has not been restated. In Q1 FY19, DLF had recorded a net profit of ₹172.44 crore.
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