Income from operations grew 44 per cent to Rs 2,828 crore during the quarter under review December from Rs 1,957 crore a year ago.

Other income rose to Rs 153 crore during the October-December 2015 quarter from Rs 123 crore in the third quarter of FY15, the company said in a filing to the BSE.

Recently, DLF received Rs 1,992 crore from Singapore's sovereign wealth fund GIC, thereby completing the deal to sell 50 per cent stake each in two upcoming projects in the national capital. In September last year, the company had announced the stake sale in the two projects to GIC.

“This (profit) includes a one-time gain on account of sale of land by DLF Home Developers Limited to two joint venture companies formed with GIC, Singapore's sovereign wealth fund. It also includes revision in construction budgets, primarily due to fundamental specifications upgrade and reassessment of cost to completion,” the company said in a statement. Tax expense, including the deferred tax, rose sharply to Rs 211 crore during the third quarter of FY16 from Rs 7.6 crore in the year-ago period.

Ahead of the announcement of financial results, the company’s shares fell 3.51 per cent to close at Rs 93.35 apiece on the BSE.

On the promoters’ plan to sell a 40 per cent stake in the company’s rental arm DLF Cyber City Developers, DLF said: “The company is geared up to formally offer the transaction to the market and start discussions with the potential investor.”

The firm said this transaction would help in the creation of two distinct pure plays, one for its annuity business and the other for its development business.

Earnings before interest, taxes, depreciation and amortisation stood at Rs 1,379 crore in the December 2015 quarter, compared to Rs 1,071 crore in the second quarter of FY16.

Net debt stood at Rs 21,396 crore, a decline of Rs 1,124 crore from the previous quarter. The company has been divesting assets in non-core areas to reduce its mounting debt.

“The long term strategy is to create a Net Debt zero development business enabling it to focus on creation of quality products and timely execution without being perturbed by the randomly oscillating market cycles,” DLF said in a statement.

DLF witnessed continued leasing interest in its commercial properties with demand being stable. Since a substantial portion of existing stock has been leased out, the firm has initiated a new development, Cyber Park, adjacent to Cyber City in Gurgaon.

“We remain committed to focusing on timely execution and create finished inventory of existing projects or deliver end product to the customer. We have delivered approximately 10 msf (million sq ft) in the current fiscal (FY16),” the statement added.