DLF does not see much impact of CRR hike on sector

DLF in Q2 FY08 has reported net profit of Rs 2018 crore versus Rs 1515.48 cr on QoQ basis. During the corresponding quarters, its net sales were up at Rs 3250 crore versus Rs 3073.78 crore.

K P Singh, Chairman, DLF said that they are looking to deliver 50 million square feet of land each year. The current execution rate is half of the 50 million square feet target.

He added that the Q1 tax liability is down at 20% and is significantly lower than Q1 FY08. The P-note holding in DLF is insignificant and they do not see too much impact of the CRR hike on the sector.

DLF will launch several projects in South India in Q3 and Q4 FY08 and will look at overseas acquisitions, commented Singh.

DLF’s land bank is at 738 million square feet as on September 30. They booked 2.45 million square feet of commercial land in Q2. Office space has grown 67% QoQ and the area under construction is at 54 million square feet; up 10% QoQ.

Singh also stated that the first hotel will be operational by Q3 FY09.

For complete presser, watch video...