New Delhi: DLF Ltd reported a net loss of Rs 1860 crore during fourth quarter ended March, due to reversal of deferred tax assets (DTA) as it adopted a lower tax rate.

The country’s biggest listed real estate developer which builds homes, offices and shopping malls, had posted a net profit of Rs 435 crore a year ago. Consolidated income fell 30 per cent to Rs 1,874 crore the company said on Thursday.

“The COVID-19 pandemic has led to industry-wide short-term recalibration of demand. While the long-term impact and full extent of this crisis remain to be seen, the company retains a positive outlook for the long term. The company has not availed any moratoriums or deferments on its debt obligations. The company has sufficient liquidity to sail through these uncertain times,” it said in a statement.

The company had undertaken certain provisions to reflect changes in the carrying value of some of its assets and investments due to Covid-19, which led to a one-time, exceptional provision (net of taxes) of Rs 272 crore. In addition, there was a one-time DTA reversal of Rs 1916 crore, on adoption of lower-tax rate.

KP Singh, who was at the helm of affairs since over five decades has stepped down as the company’s chairman as part of succession planning and Rajiv Singh will be elevated as the new chairman. K P Singh, however, will continue in a non-executive role as Chairman-Emeritus.

On Thursday, DLF closed 0.3 per cent up at Rs 156.4 per share on the BSE.

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