BackHDIL Q4 profit up 76% to Rs56.14 crore
HDIL's revenue also rises 119.46% to `343.35 crore in the same period
PremiumPhoto: Abhijit Bhatlekar/Mint
Bengaluru: Realty firm Housing Development and Infrastructure Ltd (HDIL) on Saturday posted a 76.09% jump in net profit to ₹ 56.14 crore in the three months ended March compared to a year ago.
Its revenue also rose 119.46% to ₹ 343.35 crore in the same period.
During the quarter, the Mumbai-based firm sold transfer of development rights (TDR) of about 3.5 lakh sq ft from its slum rehabilitation project in suburban Kurla at the price of ₹ 3,750 a sq ft.
Going forward, the firm expects to sell about 3.5-4 lakh sq ft of TDR every quarter, said Hariprakash Pande, senior vice-president, finance, HDIL on an analyst call on Saturday.
TDR is essentially a certificate that confers the right to build on a specified area. The holder of the certificate can either develop the specified land himself, or sell it to a developer who needs additional FSI or floor space index, the ratio of a building’s total floor area to area upon which it is built.
HDIL’s net debt as of 31 March stood at ₹ 2,730 crore, down from ₹ 3,231 crore in 2014-15.
The developer plans to further reduce the debt through a couple of transactions in which it plans to sell additional FSI in its projects to other developers.
“FSI sales in some of our projects will help to reduce debt. Issuance of warrants to promoters will also help in further reducing debt," Pande said.
On Friday, HDIL closed at ₹ 98.65 on BSE, down 1% from previous close while India’s benchmark Sensex rose 1.09% to close at 26653.60 points.
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