New Delhi, Oct 30 (UNI) Country's leading real estate player DLF Ltd today posted a 32 per cent increase in net profit at Rs 2,018 crore for the the second quarter ended September 2007 as against Rs 1,524 crore during the same period last year.
Total revenue for the period was Rs 3,349 crore, up by 7.3 per cent from Rs 3,121 crore for the period under review.
The Board of Directors also recommended 100 per cent interim dividend of Rs two per share (FV Rs 2 per share). Inclusive of dividend distribution tax, this would involve outgo in excess of Rs 400 crore, company said in a statement.
During the quarter, DLF struck one of the largest real estate deal with potential value creation in excess of Rs 12,000 crore by entering into an agreement to acquire 38 acre land in Central Delhi. Having owned 25 acre land in adjoining area already, this acquisition has given a strategic position to DLF to fully leverage the efficiency of the contiguous parcels of land adjoining a greenbelt of 100 acres.
DLF was also awarded the project to develop the 'New Bangalore' in Bidadi, Karnataka. The project is expected to generate value in excess of Rs 50,000 crore, which is the single largest investment in real estate in India.
The company added 17 million sq ft to its developable land reserves in the offices segment and booked 2.45 million sq ft and handed over 2.24 mn sq ft during the quarter.
At the end of second quarter, DLF had 34.43 mn sq ft of projects in the offices segment under construction, a growth of 16 per cent on quarter-on-quarter basis.
It added 16 million sq ft to its developable land reserves in retail malls segment across locations, particularly the metros, in the quarter. The sales booked during the quarter were 1.07 mn sq ft, which included sales in the retail malls in Delhi and Gurgaon.
At the end of second quarter, DLF had 13.44 mn sq ft of projects in the retail segment under construction, an increase of 3.5 per cent from 12.98 mn sq ft.
New acquisitions during the quarter included projects in Ludhiana, Dwarka Convention Centre (Retail), Banjara Hills and SBM (Retail).