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HDIL Q2 net falls 70 per cent to Rs 42.7 crore; income up 66 per cent

Housing Development & Infrastructure Ltd (HDIL) on Thursday reported a 70 per cent drop in consolidated net profit at Rs 42.70 crore for the quarter ended September 30, 2013 despite higher sales as expenses rose sharply.

The Mumbai-based realty firm had posted a net profit of Rs 140.55 crore in the corresponding period a year ago, it in a filing to the BSE.

Total income during the quarter ended September, 2013 rose 66 per cent to Rs 443.9 crore, from Rs 267.24 crore in the year-ago period.

Profits fell because of higher expenditure that rose to Rs 186.63 crore during the quarter under review, as against -Rs 52.05 crore in the year-ago period.

Finance cost also increased to Rs 183.38 crore during the period under review, from Rs 154.27 crore a year ago. Tax expenses were at Rs 31.21 crore, from Rs 24.19 crore last year.

HDIL has developed over 100 million square feet of area in various real estate projects. It is a major player in Mumbai with 90 per cent of land bank in the Mumbai metropolitan region.

As of June 30, 2013, the company had total land reserves of 226.86 million sq ft.

Shares in HDIL, ended at Rs 43.35 apiece on the BSE, up 4.46 per cent from the previous close.