Unitech gains after good Q3 result

Unitech rose 6.59% to Rs 17.80 at 09:52 IST on BSE after consolidated net profit rose 32% to Rs 43.34 crore on 9% decline in total income to Rs 721.99 crore in Q3 December 2014 over Q3 December 2013.

The result was announced after market hours on Friday, 13 February 2015.

Meanwhile, the BSE Sensex was up 149.32 points, or 0.51%, to 29,244.25

On BSE, so far 23.11 lakh shares were traded in the counter, compared with an average volume of 69.45 lakh shares in the past one quarter.

The stock hit a high of Rs 17.85 and a low of Rs 17.05 so far during the day. The stock hit a 52-week high of Rs 38.60 on 9 June 2014. The stock hit a 52-week low of Rs 10.86 on 4 March 2014.

The mid-cap company has an equity capital of Rs 523.26 crore. Face value per share is Rs 2.

Unitech said that the company has a healthy balance sheet with a net debt to equity ratio of 0.57. Net debt as of 31 December 2014 was Rs 6300.84 crore, the company said.

Commenting on the company's financial performance, Sanjay Chandra, Managing Director, Unitech said that demand for residential space continued to be sluggish and it may take a few more quarters for the demand to revive.

Unitech is one of India's leading real estate player. It has a diversified product mix in real estate comprising of commercial complexes, IT/ITes parks, special economic zones (SEZs), integrated residential developments, schools, hotels, malls, golf courses and amusement parks.

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