DLF Q2 net profit up 32% at Rs 2018 cr

DLF Ltd, the country's largest real estate firm on Tuesday reported a 32 per cent increase in its consolidated net profit at Rs 2,018 crore for quarter ended September 30 against Rs 1,524 crore in the first quarter of the current fiscal fuelled by robust growth in volume.

The consolidated revenue grew by 7.3 per cent at Rs 3,349 crore during July-September quarter against Rs 3,121 crore in the previous quarter.

"Execution of projects and enhanced volume have led to the growth," DLF Vice Chairman Rajiv Singh told reporters.

It has also declared an interim dividend of 100 per cent, that is, Rs 2 on shares of face value Rs 2 each.

The net profit for the second quarter in current fiscal is more than the total profit for the entire 2006-07 financial year, which stood at Rs 1,933.65 crore.

DLF, which got listed on stock market in July by raising over Rs 9,000 crore through IPO, announced its entry into the mid-income segment in residential with first launch planned in the third quarter. It would launch projects in south India.

"We will launch 4-5 projects in next six months," Singh said, adding that mid-income segment for DLF would be Rs 35-50 lakh for a 3-bedroom apartment covering 1500 sq ft of area.

During the quarter, DLF has increased the developable area to 738 milion sq ft from 615 million sq ft. The area under construction at the end of second quarter stood at 54 million sq ft.

On the proposed investment in Bangalore township spread over 9,000 acre that it has recently bagged, Singh said it would be about Rs 10,000-12,000 crore in next 2-3 years, which would be shared between DLF and Dubai-based Limitless in form of equity and debt.