HDIL tumbles after reverse turnaround in Q4

The company announced the Q4 results during trading hours today, 29 May 2013.

Meanwhile, the S&P BSE Sensex was down 5.82 points or 0.03% at 20,155.

On BSE, 92.73 lakh shares were traded in the counter as against average daily volume of 51.64 lakh shares in the past one quarter.

The stock hit a high of Rs 52.15 and a low of Rs 46.15 so far during the day. The stock had hit record low of Rs 43.65 on 26 March 2013. The stock had hit a 52-week high of Rs 123.95 on 16 January 2013.

The stock had underperformed the market over the past one month till 28 May 2013, sliding 4.37% compared with the Sensex's 4.53% rise. The scrip had also underperformed the market in past one quarter, declining 14.89% as against Sensex's 6.89% gain.

The small-cap company has equity capital of Rs 419 crore. Face value per share is Rs 10.

Housing Development and Infrastructure's (HDIL) consolidated total income declined 76.04% to Rs 155.54 crore in Q4 March 2013 over Q4 March 2012.

HDIL's consolidated net profit fell 90.94% to Rs 73.33 crore on 48.18% decline in total income to Rs 1065.23 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).

HDIL said that the Mumbai International Airport has served notice of termination on the company for Mumbai International Airport Slum Rehabilitation project citing unsubstantiated charges on which the company has initiated legal remedies. The board of HDIL following its conservative accounting policy has written off unrealised cost aggregating to Rs 441.98 crore, pertaining to the Mumbai International Airport Slum Rehabilitation project as exceptional item in Q4 March 2013, HDIL said

HDIL is engaged in real estate development business.

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