Shares in DLF Ltd fell as much as 3.6 percent a day after India's largest listed real estate developer reported a net profit of 2.85 billion rupees, that missed market expectations.

DLF's Oct-Dec earnings include 8.4 billion rupees from the sale of Jawala Real Estate, the entity owning the NTC Mumbai land. Adjusting for this, DLF reported a loss of 5.5 billion rupees.

"Lower pre-sales and cost escalations led to a sharp fall in EBITDA margin from 36.6 percent to 6.6 percent quarter-on-quarter," Jefferies said in a note.