Realty giant DLF's consolidated net profit fell by 77.28 per cent to Rs 439.74 crore in the second quarter of this fiscal due to lower property demand.
DLF also announced that it will buy out Laing O' Rourke's (LOR) stake in DLF-LOR, a 50:50 construction business joint venture between DLF and UK-based LOR.
The JV was set up to execute various captive projects of the group, but recently there have been reports that the British partner was looking at exiting from the JV.
"For better integration and strengthening execution, DLF is buying out Laing O' Rourke's stake in DLF-LOR JV," the company said in a statement.
On a sequential basis, DLF's net profit rose by 11 per cent to Rs 440 crore against Rs 396 crore in the previous quarter.
The consolidated total income during the quarter ended September fell by 52.86 per cent to Rs 1,810.38 crore. The revenue, however compared to that in the previous quarter, was higher by 4 per cent.
"The second quarter of the fiscal carried forward the momentum set during the first quarter. As the demand has recovered, sales in homes have picked up considerably," DLF Vice Chairman Rajiv Singh said.
The company would continue to launch a mix of attractive products across locations, he added.