Unitech reports 29% profit at Rs 176 cr

Realty giant Unitech today reported a jump of 29.37% in consolidated net profit for the quarter ended December 31 at Rs 176.01 crore, thereby signaling a revival of demand.

The company had posted a net profit of Rs 136.05 crore in the corresponding period last fiscal, it said in a statement.

The total consolidated income in the third quarter also soared by 57.65% to Rs 774.46 crore from Rs 491.24 crore in the year-ago period, it added.

At the end of the first nine-months of this fiscal, Unitech's debt stands at Rs 6,201.70 crore. It has so far reduced its borrowing by Rs 2,854 crore during 2009-10.

The company has launched over 30 new projects in the first nine-months, comprising 24.42 million sq ft. It has already received bookings worth Rs 5,500 crore for over 13.14 million sq ft across Gurgaon, Noida, Greater Noida, Chennai, Kolkata, Mumbai, Bhopal, Lucknow and Mohali.

"While the company continued to make good progress in terms of project launches and sales bookings, I am particularly gladdened by the progress in construction," Unitech Managing Director Sanjay Chandra said.

The company has ramped up its construction activities at various project sites and it currently has over 60 projects under execution, he added.

"Workforce employed at project sites has increased significantly and currently stands at nearly 20,000 workers. The company added almost 5,000 workers every quarter to expedite the completion of its projects," Chandra said.