DLF revenues leap +59%

India's largest real estate developer, DLF, reported a +59% increase in revenues to INR 2146 crore (US$ 477 million) for the financial year ending on 31 March. Earnings before interest, depreciation tax and amortisation (EBIDTA) was up +200% to INR 1152 crore (US$ 256 million).

The company said a combination of higher buyer confidence along with Government incentives to strengthen the market had driven demand over the last 12 months. Prices were up between +10% and +30%, and there was "robust demand" at the mid- to high-end of the residential market, including what DLF describes as the "super luxury" market. The company added that there were early signs of a recovery in the commercial real estate segment.

Commenting on the results DLF vice chairman Rajiv Singh said, "The overall economic growth, improved liquidity coupled with buyers' sentiments turning positive, led to a buoyant demand for our projects across segments - super luxury, high-end and mid income homes. The commercial segment has also started showing early signs of improvement as the leasing volumes have been improving gradually and there has been a substantial increase in the enquiries in the commercial segment."

"Going forward, with the Indian economy projected to grow at a higher pace, we expect the real estate sector to further strengthen which will in turn strengthen DLF's growth across all segments."

Over the last year the company has launched major residential development projects in Delhi, Gurgaon, Panchkula, Bangalore and Goa. Its total sales for the year totalled 12.6 million ft2 (1.17 million m2) of properties and it had 56 million ft 2 (5.2 million m2) of projects under construction in the year.