The company had posted a net profit of Rs 258.35 crore in the same period of previous fiscal.

Income from operations of the company, however, declined to Rs 1,310.04 crore in the third quarter, compared to Rs 2,034.37 crore in the same period of 2011-12 fiscal, DLF Ltd said in a BSE filing.

Shares of DLF today closed at Rs 253.95 on the BSE, down 1.76 per cent from their previous close.

India's DLF helped by one-off gain from plot of land

DLF Ltd, India's largest listed real estate developer, reported a 10.5 percent rise in quarterly net profit, helped by a one-time gain from the sale of non-core assets during the quarter ended Dec 31.

The New Delhi-based developer said consolidated net profit for its fiscal third quarter was 2.85 billion rupees compared with 2.58 billion rupees ($47.97 million) a year earlier.

In November, DLF concluded the sale of a 17-acre plot of land in Mumbai to private developer Lodha for 27 billion rupees, making a one-time, pre-tax gain of 8.4 billion rupees on the sale which boosted its overall profits.

Sales were down nearly 36 percent at 13.1 billion rupees over the same period.

Analysts expected the company to post net profit of 4.25 billion rupees.

($1 = 53.7850 Indian rupees)