DLF earns Rs 6,658 cr from 10 mn sq ft sales

The country's largest realty firm DLF has sold 10 million square feet area worth Rs 6,658 crore in the housing segment during the last fiscal, lower by 20% than that sold in the previous year.

The company, however, said that the average sales realisation was higher by 14% in 2010-11.

"...10 million sq ft sales achieved in FY'11 against 12.5 million sq ft in FY'10 ... While sales booking in FY'11 was marginally lower, average realisation was at Rs 6,500 per sq ft (up 14% from FY10)," the company said in a presentation.

DLF attributed the decline in sales volume to delay in approvals that led to slowdown in planned launches.

That apart, it said the "inflation uncertainty resulted in moderation in volumes".

Out of 10 million sq ft, DLF sold four million sq ft in Gurgaon at a value of Rs 2,903 crore.

In Delhi and Kolkata, the company sold one million sq ft for Rs 1,495 crore, while the rest of India contributed five million sq ft worth Rs 2,260 crore.

Giving outlook for the current fiscal, DLF said it is planning to launch 12 million sq ft of area this fiscal as against 7.5 million sq ft in last financial year.

Out of the planned 12 million sq ft of launch, 10 million sq ft will be plotted development, while the rest will be group housing projects.

"Product mix skewed towards plotted development in order to reduce execution risks and negate inflationary pressures," the presentation said.

DLF also plans to enhance focus on execution of projects and is aiming at a delivery of more than 12 million sq ft this fiscal as against 7 million sq ft in the last financial year.

The company posted 19% fall in consolidated net profit to Rs 344.54 crore for the March quarter as against Rs 426.38 crore in the year-ago period.

The consolidated sales during Q4, however, increased by 34.53% to Rs 2,683.09 crore, from Rs 1,994.37 crore in the year-ago period.