DLF net rises two-fold to Rs 426 crore

NEW DELHI: Riding on the sharp recovery in the real estate sector, DLF, the country’s largest real estate company, reported over two-fold jump in consolidated net profit to Rs 426.4 crore in the fourth quarter ended March 2010 as compared with Rs 158 crore in the corresponding period of the previous year. During the quarter, DLF’s total sales jumped 78% to Rs 1,994.4 crore, from Rs 1,122.3 crore in the same period a year-ago period. The company recorded a 59% increased in revenues to Rs 2,146 crore from Rs 1,351 crore in January-March 2009.

“Going forward, with the Indian economy projected to grow at a higher pace, we expect the real estate sector to further strengthen, which, in turn, will boost DLF’s growth across all segments,” Rajiv Singh, vice-chairman of DLF said. For the entire 2009-10, the net profit of the company declined by 61% at Rs 1,730 crore as against Rs 4,469 crore. The total sales during FY10 also fell by 26% to Rs 7,421 crore from Rs 10,035 crore in FY09.