Message from the Chairman Report Writing - Accounting and Finance Assignment Help

Assignment Task:

Task:

DLF continues to be at the forefront of changing the urban landscape of India with world-class buildings, a customer-centric approach and following the best practices in areas like construction, environment, compliance and corporate governance. I am happy to inform you that in the financial year gone by, your Company continued to set new milestones and win accolades. The unfortunate onset of COVID-19 along with the lockdown led to a very challenging environment for the past few months.

I am pleased to inform you that all associates of your Company rose to meet the challenges that this posed and worked tirelessly to ensure wellbeing of all our residents and tenants. We ensured that all critical infrastructure was operational to ensure continuity of business for all our stakeholders. While attending to the physical aspects posed by the pandemic was paramount, your Company also ensured that all commitments to all stakeholders including Financial institutions were met in a timely manner.

During the year, we recorded exceptional gain on transfer of certain investments which netted off with exceptional provision made on certain assets, resulted into net exceptional income of ` 340 crore. Further, the Company recorded a one-time reversal in Deferred Tax Assets (DTA) of ` 1,916 crore upon adoption of lower tax rate pursuant to the Finance Act, 2019. This led to your Company recording a net loss after taxes, but before Minority Interest and share of Profit in jointly controlled entities of ` 1,479 crore as against net profit of ` 368 crore in the previous financial year.

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