Unitech net rises 44 times

Unitech, the country’s second-largest property developer, today said its March quarter net profit rose 44 times to Rs 144.87 crore, from Rs 3.29 crore in the corresponding quarter last year.

A 50 per cent rise in total income and a near 83 per cent fall in interest outgo were cited as the main reasons. These improvements also helped Unitech to more than offset the rise in expenses, which went up by 141 per cent to Rs 425.85 crore.

Total income stood at Rs 675.84 crore, as compared to Rs 449.29 crore. Interest outgo was Rs 45 crore, as compared to Rs 266 crore in the same quarter last year. While the company’s total income rose because of surge in home sales, interest outgo came down on account of reduction in debt.

Unitech’s Managing Director Sanjay Chandra said: “In the financial year 2009-10, the company made an impressive progress in terms of new project launches and sales bookings. The revival in the real estate market, coupled with the company’s attractive product range, helped it to achieve an all time high sales booking of over Rs 7,000 crore.”