This page shows what the company behind Dholera earns and spends, taken straight from its audited accounts. DICDL reported revenue from operations of Rs. 10,613.82 lakh in the year to March 2025, and a profit after tax of Rs. 5,152.72 lakh, having lost Rs. 4,413.69 lakh the year before. One lakh is one hundred thousand rupees, and one hundred lakh make a crore.
Every figure here carries the page of the annual report it came from. None of it is mixed with the contract values elsewhere on this site, because a contract award and an audited expense line measure different things.
AR 2024-25 p.68. OFFICIAL
AR 2024-25 p.68. OFFICIAL
AR 2024-25 p.68. OFFICIAL
AR 2024-25 p.67. OFFICIAL
Three years of income and expense
DICDL income, expenses and result for three financial years. Source: DICDL audited annual reports FY2024-25 and FY2023-24
| No.Item | Line item | FY2024-25INR lakh | FY2023-24INR lakh | FY2022-23INR lakh | Source page |
|---|---|---|---|---|---|
| Income | |||||
| 01 | Revenue from operations | 10,613.82 | 36,243.89 | 41.87 | AR_FY2023-24 p.64, dicdl_ar25 p.68 |
| 02 | Of which upfront lease premium | 6,159.43 | 36,145.95 | not stated | AR_FY2023-24 p.95, dicdl_ar25 p.92 |
| 03 | Of which land filling | 4,006.74 | 0.00 | not stated | AR_FY2023-24 p.95, dicdl_ar25 p.92 |
| 04 | Of which sale of water | 430.22 | 91.71 | not stated | AR_FY2023-24 p.95, dicdl_ar25 p.92 |
| 05 | Of which other services | 17.43 | 6.23 | not stated | AR_FY2023-24 p.95, dicdl_ar25 p.92 |
| 06 | Other income | 9,236.51 | 7,125.86 | 5,899.83 | AR_FY2023-24 p.64, dicdl_ar25 p.68 |
| 07 | Of which interest on financial asset | 8,618.96 | 6,861.03 | not stated | AR_FY2023-24 p.95, dicdl_ar25 p.92 |
| 08 | Of which government grant recognised | 532.43 | 168.46 | not stated | AR_FY2023-24 p.95, dicdl_ar25 p.92 |
| 09 | Of which penalties recovered from contractors | 17.69 | not stated | not stated | dicdl_ar25 p.92 |
| 10 | Total income | 19,850.33 | 43,369.75 | 5,941.70 | AR_FY2023-24 p.18, dicdl_ar25 p.68 |
| Expenses | |||||
| 11 | Project expense incurred | 22,795.09 | 3,422.72 | 9,540.33 | AR_FY2023-24 p.64, dicdl_ar25 p.68 |
| 12 | Changes in inventory of land and work in progress | -14,618.81 | 43,316.59 | -9,509.64 | AR_FY2023-24 p.64, dicdl_ar25 p.68 |
| 13 | Employee benefit expenses | 497.37 | 465.41 | 457.43 | AR_FY2023-24 p.64, dicdl_ar25 p.68 |
| 14 | Depreciation and amortisation | 1,654.54 | 928.62 | 807.10 | AR_FY2023-24 p.64, dicdl_ar25 p.68 |
| 15 | Other expenses | 2,507.06 | 1,121.46 | 1,066.49 | AR_FY2023-24 p.64, dicdl_ar25 p.68 |
| 16 | Total expenses | 12,835.25 | 49,254.80 | 2,361.71 | AR_FY2023-24 p.18, dicdl_ar25 p.68 |
| Result | |||||
| 17 | Profit before tax | 7,015.08 | -5,885.05 | 3,579.99 | AR_FY2023-24 p.18, dicdl_ar25 p.68 |
| 18 | Current tax | 931.26 | 342.85 | not stated | AR_FY2023-24 p.64, dicdl_ar25 p.68 |
| 19 | Deferred tax | 835.80 | -1,814.21 | 912.62 | AR_FY2023-24 p.64, dicdl_ar25 p.68 |
| 20 | Total tax expense | 1,862.36 | -1,471.36 | 912.62 | AR_FY2023-24 p.18, dicdl_ar25 p.68 |
| 21 | Profit after tax | 5,152.72 | -4,413.69 | 2,667.37 | AR_FY2023-24 p.18, dicdl_ar25 p.68 |
| 22 | Total comprehensive income | 5,151.35 | -4,408.53 | 2,669.17 | AR_FY2023-24 p.64, dicdl_ar25 p.68 |
Source: DICDL 9th Annual Report 2024-25 (audited, signed 2025-08-22) page 68 for FY2024-25 and its comparative; DICDL 8th Annual Report 2023-24 (audited, signed 2024-09-09) page 64 and page 18 for FY2023-24 and FY2022-23. Unit: INR lakh as printed. All rows last verified 2026-08-04 against the cited page.
FY2022-23 figures are taken from the comparative column of the FY2023-24 report, because the FY2022-23 report itself was not supplied. Where a line is blank the report does not break it out, and nothing has been derived to fill it. The FY2024-25 report restates two FY2023-24 comparatives under its own note 43; this schedule keeps the figure each report originally printed rather than picking a winner.
The same result, drawn
Profit after tax, INR lakh. The FY2023-24 column is a loss and is drawn below the zero rule in oxide. Source: DICDL 9th Annual Report 2024-25 (audited, signed 2025-08-22) page 68 and DICDL 8th Annual Report 2023-24 (audited, signed 2024-09-09) page 18. Tag: OFFICIAL.
Revenue from operations, INR lakh. The FY2023-24 spike is upfront lease premium of Rs. 36,145.95 lakh recognised in that year against Rs. 6,159.43 lakh in FY2024-25, which is land monetisation rather than trading revenue. Source: DICDL 9th Annual Report 2024-25 (audited, signed 2025-08-22) page 68 and page 92, DICDL 8th Annual Report 2023-24 (audited, signed 2024-09-09) page 64. Tag: OFFICIAL.
Sanctioned, committed and actually spent
What is sanctioned, what is committed, what is spent
Three different numbers get quoted as the money behind Dholera and they mean different things. The Government of India has sanctioned infrastructure projects worth Rs. 2,784.83 crore, described in the report as primarily allocated to five major projects in the Activation Area. That is a sanction, not a spend, and no source opened breaks it into packages with contractors, per package values or award dates.
Separately, contractual commitments for capital assets and common infrastructure development cost stood at Rs. 34,108.71 lakh as at 2025-03-31, up from Rs. 30,765.39 lakh a year earlier. Capital work in progress on the balance sheet fell from Rs. 43,466.41 lakh to Rs. 27,955.14 lakh over the same year, which is what happens when work in progress is capitalised out into completed assets.
Sources: DICDL 9th Annual Report 2024-25 (audited, signed 2025-08-22) page 20 for the sanctioned figure in INR crore, page 67 for capital work in progress, and the commitments note for the contractual commitment. Units are as printed and are not converted between crore and lakh in the same row. Tag: OFFICIAL. Last verified 2026-08-04.
Where the rest of the numbers live
Two more finance sheets
- Land and monetisation: how much land DICDL holds, how much has been allotted, who the named allottees are and what the report refuses to break down per allottee.
- The full ledger: the balance sheet, equity, tax and governance lines, all 225 extracted facts reachable in one place.
The contract register is deliberately kept apart from these sheets. A contract award value and an audited expense line are different measurements of different things, and adding them together would produce a number that is true of nothing. The register is at contract schedule.