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Our Bureau

New Delhi, Feb. 1 Real estate major Unitech Ltd has posted 39 per cent rise in its consolidated net profit at Rs 525.78 crore for the quarter ended December 31, 2007 on the back of higher sales, better price realisation and strong project execution.

“With many projects in the pipeline, we expect this strong performance to continue,” Mr Sanjay Chandra, Managing Director, Unitech Ltd, said.

The total sales for the quarter stood at Rs 1,165.11 crore as against Rs 976.47 crore in the previous year, registering a 19 per cent rise. For the nine months period ended December 31, 2007, the consolidated total income stood at Rs 3,129.04 crore and consolidated profit after tax was Rs 1,301.58 crore.

As of December 31, 2007, the company had, on a consolidated basis, total reserves and surplus of Rs 3,016.39 crore. Unitech’s total outstanding loan was Rs 7,044.16 crore. The company had Rs 2,507.87 crore in cash and cash equivalents, while advances from customers stood at Rs 5,776.38 crore.

Meanwhile, Unitech, which has received a pan-India licence to offer mobile services, is learnt to be in talks with global players from the US and the UK for a tie-up for its telecom venture.

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