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Housing Development and Infrastructure, on a standalone basis, posted a 11 per cent drop in net profit at Rs 209 crore for the quarter ended June 30, 2011, against Rs 234 crore logged in the same period last year. Revenue was up at Rs 502 crore (Rs 450 crore).
HDIL said about 91 million sq.ft. of sale area of projects were currently under construction which includes residential, commercial and Slum Rehabilitation Authority projects.
The net debt-equity ratio was at 0.42 and the debt, on a standalone basis, down from Rs 4,195.39 crore to Rs 4,058.34 crore. The company raised Rs 170 crore of long-term debt during the quarter.
Mr Sarang Wadhawan, Managing Director, said: “While we understand that the real estate sector is currently in a difficult phase, we continue to focus on the execution of our residential projects. A significant development for us this quarter is the commencement of shifting of eligible families for the first phase of the Mumbai International Airport slum rehabilitation project.”
On Friday, the HDIL scrip on BSE closed marginally higher at Rs 117.30.
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