Unitech shares pare gains, end flat despite in-line Q3 results

Unitech shares pared their gains in the second half of trading today despite the company announcing in-line results for the third quarter of the current fiscal year. The realty major reported a net profit of Rs. 84.17 crore for the third quarter, a 52 per cent increase year-on-year. Sales grew 25 per cent YoY to Rs. 644.72 crore.

Brokers polled by NDTV Profit had expected sales to increase by 17 per cent to Rs. 601 crore, while net profit was expected to have risen 55 per cent to Rs. 86 crore.

In the October-December quarter of this fiscal year, finance costs of the company fell to Rs. 8.4 crore from Rs. 27.05 crore in the year-ago period.

Unitech's consolidated net debt stood at Rs. 5,421 crore as on December 31, 2012. The net debt to equity ratio was 0.45 which, the company said, is one of the lowest in the industry.

The stock closed on a flat note at Rs 28.75 on the Bombay Stock Exchange. It hit a high of Rs 30.80 and a low of Rs 28.35 in trade today.

Earlier in the day, the stock rebounded after falling a steep 18 per cent in the previous session on allegations of collusion between its managing director Sanjay Chandra, an accused in the 2G spectrum case, and the CBI lawyer prosecuting him. (Read full story here)

Unitech shares firmed up after a positive start and traded over 7 per cent higher on the BSE outperforming the BSE Realty index, before losing ground in choppy trade.