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Construction : Web Exclusive | February 2013 | Source : Construction Update

Net profit of HDIL drops by 31% in Q3

Mumbai-based Housing Development and Infrastructure (HDIL) company on February 14 posted a 31.1 per cent drop in profit to Rs 107.3 crore in the three months ended 31 December from a year earlier. Revenue dipped marginally by 0.58 per cent to Rs 423.17 crore, the company Vice-Chairman and Managing Director Sarang Wadhawan said in a statement.

Our third quarter results have been consistent and the company’s focus is on execution and delivery of existing projects. We appreciate the steady pace in approvals, which would enable us in launching new projects and reducing debt, Sarang Wadhawan said. The company is well positioned in the liquidity scenario and comfortable with the debt-repayment schedule.

Sequentially, the Mumbai-based real estate firm’s net profit dipped by 23.8 per cent while revenues increased by 63.8 per cent. Standalone debt reduced by Rs 202.5 crore to Rs 3,466.94 crore on 31 December, the company said.

Debt is likely to further shrink by another Rs 200 crore on account of the sale of its Metropolis project that is effective in the March quarter. In January, Wadhawan sold 1 per cent or 5 million shares, to raise Rs 57 crore. The company said the sale took place to meet payment requirement for land it had bought in south Mumbai earlier in 2010.

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