Aided by higher sales realisation, India largest real estate company DLF Ltd on Wednesday recorded a 3.78 per cent increase in its consolidated net profit for first quarter of the current fiscal at Rs 411 crore. The net profit was Rs 396 crore in the year ago period.

According to a DLF statement, the sales and other receipts were up nearly 23 per cent Rs 2,028.53 crore. The DLF board has also approved issue of equity shares by its wholly owned subsidiary DLF Brands to a promoter group company, subject to shareholders approval. Following the approval, DBL will cease to be a subsidiary of DLF.

“The move is in line with the strategic objective of DLF to exit the non-core business,” it said, but did not give further details of the transaction.  A 37.5 per cent increase in other income at Rs 132 crore Rs 96 crore also helped improve the bottomline. The growth in net profit was despite an increase in finance charges and higher tax expenses. The finance charges for the quarter under review increased 35 per cent to Rs 388.44 crore Rs 287.3 crore. Tax expenses grew 69.5 per cent to Rs 167.86 crore Rs 99.3 crore.