Improved sales bookings aid Unitech profit in Q3

News Posted - 2010-02-01

The country's second largest real estate company Unitech Ltd on Saturday posted a strong 29.3 per cent rise in its consolidated net profit for third quarter of the current fiscal at Rs 176.01 crore compared with Rs 136 crore in the year-ago period. The growth came on the back of improved sales bookings, particularly in the affordable housing segment.

The total income in the just concluded quarter stood at Rs 788.32 crore, up 55.49 per cent over the same previous year, according to a company release.

“While the company continued to make good progress in terms of project launches and sales bookings, I am particularly gladdened by the progress in construction. During the nine months ended December 2009, the company has ramped up the construction activity at various project sites and it currently has over 60 projects under execution,” said Mr Sanjay Chandra, Managing Director, Unitech Ltd.

Workforce spruced up

Accordingly, the workforce employed at project sites have been spruced up significantly; it currently stands at nearly 20,000 workers. The company added almost 5,000 workers every quarter to expedite the completion of its projects, the statement said.

“Structural work is complete in over 80 per cent of the past projects and nearly half of these projects are in handover or finishing stages,” Mr Chandra added.

The company continued to reduce its debt during the quarter and net debt to equity as of December 2009 stood at 0.55. In the first nine months of the current fiscal, company reduced its debt by Rs 2,854 crore. Total loan outstanding as of December was Rs 6,201.70 crore. The company had Rs 611 crore in cash and bank balance on December end. Source:- Business Line - 31/01/2010