Unitech posts 37% incerase in net profit at Rs 62.9 cr for June quarter

Unitech Ltd has posted over 37% increase in its net profit at Rs 62.9 crore for the quarter ended June this year against Rs 45.8 crore in the same period previous year.

The income from operations stood at about Rs 572.5 crore for the June quarter as compared to Rs 407.7 crore in the same quarter last year. a company statement said.

The net profit of the company doubled on a sequential basis to Rs 62.89 crore at the end of June quarter from Rs 30.33 crore.

Sanjay Chandra, Managing Director, Unitech said, 'Project execution continued to be the key focus area and the company delivered over a million square feet of completed property during the quarter – highest in any quarter during the last two years. The company has a healthy balance sheet with a net debt to equity ratio of 0.52.'  

'In line with its revised strategy, company has commenced construction at a few sites where it plans to launch new projects. These projects once launched are expected to bolster the sales performance. This strategy will also boost the average price realizations of our projects,' he added.

Unitech achieved sales bookings of 0.67 million sqft at an average realization of Rsd 6722 / sqft during the quarter and launched projects for an area of 0.32 million sqft.

It also delivered 1.05 million sq ft of completed property, up by 52.17%. Besides, sales bookings of 0.67 million sq ft worth Rs 450 crore were achieved during the quarter.