HDIL Q2 Net Profit Down 7% at Rs 57.79 Crore

Realty firm Housing Development and Infrastructure Ltd (HDIL) has reported 7 per cent decline
in its consolidated net profit at Rs 57.79 crore for the quarter ended September.

Its net profit stood at Rs 61.88 crore in the year-ago period.

Total income fell to Rs 242.67 crore during July-September quarter of this fiscal as against Rs 304.84 crore in the corresponding period of the previous year.

Commenting on the result, HDIL Vice Chairman & Managing Director Sarang Wadhawan said: "Simultaneous focus on project execution and debt reduction has been our stratagem and we strive to continue the same in the coming quarters as well."

The company would be handing over around 1500 apartments for the projects - Metropolis Residences in Andheri (W), Premier Exotica in Kurla (W) and Residency Park II in Virar in
a phase wise manner by March 2016, he said in a statement.
    
"We have also embarked upon one of our ambitious housing project, Planet HDIL, one of the largest affordable housing projects in the country spread over 550 acre of area. Buoyed by RBI rate cut and with inflationary pressure easing away, we expect a strong uptake in demand for the sector in the coming quarters," Wadhawan said.

On operational front, residential sales stood at Rs 341.60 crore during the quarter representing a growth of about 4 per cent Year-on-Year.

With a land reserve of 243.99 million sq ft as on 31st March 2015, HDIL has about three decades of experience in the real estate & infrastructure domain having developed over 100 million sq ft area of commercial, residential and retail space.