Property giant DLF has set in motion a strategy to concentrate on 'core' operations, launching a 1.2 million sq ft luxury residential project in Gurgaon, 'The Skycourt'.
This comes a day after it announced the $300-million sale of Aman Resorts, minus the Delhi property, part of the company's non-core asset divestment agenda.
The launch of the 19-floor luxury apartment project in Gurgaon's Sector 86 is the first big project from DLF this financial year.
Apartments in The Skycourt are priced between Rs 1.14 crore (Rs 11.4 million) and Rs 1.53 crore (Rs 15.3 million).
There are 674 units spread over 13 acres and it is learnt DLF got a little over 700 applications right on the first day.
After the Aman deal announcement, Sriram Khattar, senior executive director of DLF, had said the focus would turn from non-core to core and a few launches were expected over four to five months.
The absence of any so far had affected the cash flows.
The company saw a 62.8 per cent drop in net profit for the quarter ended September to Rs 138.5 crore (Rs 1.38 billion), down from Rs 372.4 crore (Rs 3.72 billion) in the corresponding period last year.
Income from operations (sales) dropped 19 per cent during the second quarter to Rs 2,039 crore (Rs 20.39 billion), compared to Rs 2,532 crore (Rs 25.32 billion) last year in the same quarter.
It is even lower than the first quarter sales of Rs 2,197 crore (Rs 21.97 billion).
In the financial year's first half, there was a 15 per cent decline in income from operations, to Rs 4,237 crore (Rs 42.37 billion) from the Rs 4,878 crore (Rs 48.78 billion)