Unitech Q2 profit declines 47%

Real estate firm Unitech today reported 46.80% fall in its consolidated net profit at Rs 49.19 crore for the quarter ended September 30.

The company had posted a net profit of Rs 92.46 crore in the corresponding period last year, Unitech said in a statement.

The consolidated net income during the second quarter also went down by 20.54% to Rs 539.83 crore from Rs 679.35 crore in the year-ago period, it added.

As on September 30, Unitech's consolidated net debt stood at Rs 5,566 crore, the statement said.

"Net debt to equity ratio as of September 30, 2012 was 0.47, one of the lowest in the industry," it added.

The company further said it received sales bookings of 1.55 million sq ft, worth Rs 836 crore during the July-September period, up 19.26% from the previous quarter of this fiscal.

Commenting on the numbers, Unitech Managing Director Sanjay Chandra said, "With improving liquidity and with focused efforts, construction activity at various sites has witnessed marked improvement during the last quarter and should reach the targeted levels soon."

Demand in real estate continued to be healthy during the quarter, he added.

"Average price realisation also increased by about 17% to Rs 5,413 per sq ft as compared to the previous quarter due to a better product mix and overall uptick in prices," Chandra said.