Housing demand helps DLF build 300% net rise in FY08

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New Delhi, Apr 30: Growing demand for houses, offices and hotels helped DLF, India’s largest real estate firm, post a 306% growth in consolidated net profit at Rs 7,856 crore for the year ended March 31, 2008, against Rs 1,934 crore in 2006-07.

The company’s consolidated revenue went up by 258% to Rs 14,494 crore from Rs 4,053 crore. Its earning per share (EPS) shot up by 270% to Rs 47.16 from Rs 12.75 in 2006-07.

In the fourth quarter ended March 31, 2008, DLF’s net profit climbed 1.5% to Rs 2,177 crore from Rs 2,145 crore in the third quarter. The company got listed in June last year.

Its total revenue went up by 20% to Rs 4,372 crore in the fourth quarter from Rs 3,651 crore in the third quarter. EPS for the quarter stood at Rs 12.75.

Shares of DLF Ltd fell by 2.84% on BSE to close at Rs 705.25 after touching a high of Rs 736.

During the quarter, the company’s total developed area stood at 750 million square feet (msf) with over 60 msf of projects under construction. The company’s proposed IT/ITeS special economic zones in Bhubaneswar and Nagpur have been notified. DLF received from DLF Assets Ltd (DAL) Rs 1,794 crore for the fourth quarter and Rs 4,338 crore for FY07-08.

Commenting on the company’s performance, Rajiv Singh, vice chairman said, “for an economy growing at the rate of 8-8.5% per annum, the demand for premium real estate continues to be buoyant. DLF being a leader in the industry continues to grow and strengthen its competitive position. The annual results reflect this reality.” Last month Singh said DLF plans to spend $5 billion in the next seven years to build 125 hotels.