DLF Q4 consolidated net at Rs 2,177 cr

The results for the corresponding quarter of 2006-07 were not available as DLF was not listed at that time and therefore are not comparable. DLF raised around $2.2 billion (Rs Rs 8,800 crore) last June through an initial public offer.

DLF shares gained eight per cent to close at Rs 725.85 on the Bombay Stock Exchange on Wednesday, ahead of the results announcement.

The company declared a net profit of Rs 7,856 crore for the full year 2007-08, a three-times rise over the Rs 1,934 crore reported in the previous year.

Revenues rose to Rs 14,494 crore, nearly two and half times higher compared to Rs 4,053 crore in the corresponding period last year.

Rajiv Singh, vice-chairman, said the demand for premium real estate continued to be buoyant in an economy that is growing at 8-8.5 per cent annually. "The annual results reflect this reality," he said, after a meeting of the board of directors on Wednesday.

Singh added that the strong sales in the premium homes segment were a vindication of DLF's strategy to drive sales of high-quality products at reasonable prices without compromising on the target margins.

During the fourth quarter, DLF had a total developable area exceeding 750 million sq ft. Over 60 million sq ft of projects were under construction at the end of the period. The company has signed management agreements with Hilton Hotels for seven new hotels.

The company incurred an expenditure of Rs 9,186 crore up to March 31, 2008, of which acquisition of land and development rights cost around Rs 5,670 crore, while development and construction costs for existing projects stood at Rs 636.25 crore. It prepaid loans amounting to Rs 2,577 crore even as it incurred IPO related expenses of nearly Rs 303 crore.

The auditors of DLF Power, a subsidiary, has qualified his report for the recovery of debtors aggregating to Rs 39.30 crore.

The company is confident that these debts are good and recoverable. Had these amounts been written off in the financial results, the profit after tax for the period would have been lower by Rs 38.54 crore during the period.