New Delhi: Real estate firm Unitech on Thursday posted 39% increase in consolidated net profit at Rs525.78 crore for the quarter ended December 31, 2007, against Rs377.84 crore for the corresponding period in the previous fiscal.
Total income of the group during the quarter under review was Rs1,165.11 crore, up 19% from the corresponding period last year, the company said in a release.
“Higher sales, better price realisation and strong project execution have resulted in a robust financial performance during the period. With many projects in the pipeline, we expect this strong performance to continue,” said Sanjay Chandra, managing director, Unitech Ltd in the statement.
For the nine-month period ended December 31, 2007, the consolidated total income of the group stood at Rs3,129.04 crore and consolidated profit after tax was Rs1,301.58 crore.
During the quarter, Unitech made a foray into the Mumbai market by acquiring 50% stake in a company executing a 97 acre slum rehabilitation project. The company also won a tender to develop a 1,750 acre township in Visakhapatnam.
Besides, Unitech also bagged a tender to develop a 350 acre township in Hyderabad.
On a standalone basis, Unitech posted 18.44% decline in net profit at Rs368.92 crore for the quarter ended on December 31, 2007, against Rs452.38 crore for the same quarter in 2006.
Net sales of the company dipped by 18.37% to Rs818.51 crore for quarter ended December 31, 2007, compared to Rs1002.74 crore for the corresponding quarter last year, Unitech said in a filing to National Stock Exchange.