Eldeco Housing and Industries Q2 net profit up 96% at Rs 16 crore

Eldeco Housing and Industries Ltd on Friday reported a 96 per cent increase in its net profit at Rs 15.78 crore for the quarter ended September.

Its net profit stood at Rs 8.04 crore in the year-ago period, according to a regulatory filing.

The company's revenue during the second quarter of this fiscal increased by 74 per cent to Rs 40.12 crore as compared to Rs 23.10 crore in the corresponding period of the previous year.

Pankaj Bajaj, the company's Chairman cum Managing Director, said: Although real estate market outlook continues to be uncertain amidst pandemic, we have achieved robust sales performance during the quarter which demonstrates customers' strong belief in our brand."

"Our brand equity and delivery track record, provides tremendous prospect to drive market share growth," he added.

Eldeco Housing and Industries Ltd is engaged in the construction, development and sale of townships, residential and commercial properties.

The company was founded in 1985 and is based in Lucknow. It is part of the Eldeco Group, which has presence in most states in north India.