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| HDIL Q3 net down 32% to Rs 156 cr |
| Press Trust of India / Mumbai Feb 14, 2012, 21:28 IST |
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Realty player Housing Development and Infrastructure (HDIL) today posted 31.72% decline in net profit to Rs 155.8 crore for the third quarter ended December 31.
The company had posted net profit of Rs 228.19 crore in the October-December period last fiscal.
Total sales during the period stood at Rs 422.57 crore, registering an 8.8% decline over Rs 463.35 crore in the corresponding period last year.
"There has been a dip in our net profits due to various reasons including increase in cost of acquisition as well as commodity prices. However, taking into perspective the macro real estate market scenario, we are satisfied with the moderate growth," HDIL Vice-Chairman and Managing Director Sarang Wadhawan said.
However, the company is confident of growth in revenues in the fourth quarter from sales of floor space index (FSI).
"We have been doing FSI transactions in the last three quarters and we are confident of a few more to materialise in the next quarter," he said.
Out of the total sales for the quarter, 90% was contributed by FSI sales, while the rest 10% sale was through transfer of development rights (TDR).
"We were awaiting amendment in the DCR rules and the new 0.33 FSI has come as an incentive for us. We will now get an additional 25% FSI, and therefore realisation from that will also increase," he said.
On the debt side of the company, which stands at Rs 4,100 crore, Wadhawan said, "We expect our debt to reduce by around 20-25% by the end of this fiscal through monetisation of FSI sales and internal accruals. We will continue to focus on reducing our debt considerably in the coming quarters."
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