DLF reports Rs 2,018 cr net profit

DLF Ltd, the country's biggest property developer by market value, has posted a consolidated net profit of Rs 2,018.55 crore and total revenues of Rs 3,349.24 crore for the quarter ended September 30, 2007, on robust sales growth.

That's a 32 per cent increase in net profit from the Rs 1,524 crore in the first quarter. Consolidated revenue grew 7.3 per cent from Rs 3121 crore in the previous quarter.

DLF was listed in July This year, which is why the figures are not comparable to those a year ago.

"Our net profit in the second quarter (this year) is more than the Rs 1,933.65 crore profit for 2006-07. That itself should indicate our performance on a year-on-year basis," said Rajiv Singh, vice-chairman, DLF.

The company has declared to pay an interim dividend of 100 per cent, that is, Rs 2 on shares of face value Rs 2 each.

The company has so far executed half of the 50 million square feet target it set itself for this year, and has increased the total area to be developed to 738 million square feet from 615 million square feet.

DLF is also scouting for opportunities and acquisitions overseas. "The acquisitions do not necessarily have to be just for doing business overseas. The acquisitions could be for increasing our capacities in India," Singh said. The board of directors recently decided to raise a loan of $750 million overseas for this purpose.

DLF shares rose 5.78 per cent (or Rs 52.65) to close at Rs 963.15 on the Bombay Stock Exchange on Tuesday.