Bangalore: Housing Development and Infrastructure Ltd (HDIL) said net profit for the quarter ended 31 March rose 71.14% to Rs315.2 crore from a year earlier.
Revenue rose 13.13% to Rs625.1 crore from a year earlier. Over the December quarter, HDIL’s net profit more than doubled and revenue rose 46.9%.
Sarang Wadhawan, vice-chairman and managing director of HDIL, said the company had recently launched a township project in Noida and will soon start residential projects in Ghatkopar and Virar in Mumbai and Pune.
“We are on track with regard to our target for debt reduction, which has reduced by Rs237.45 crore, and will continue to focus on the same in the coming quarters through project sales and internal accruals,” he said on Wednesday.
Mumbai-based HDIL’s current debt is Rs4,082 crore. It has a a debt-to-equity ratio of 0.40.
On Wednesday, the company’s shares fell 2.39% to end trading at Rs65.25 on the Bombay Stock Exchange while the benchmark Sensex shed 0.77% to 16,312.15 points.