HDIL Q4 net profit up 76% to Rs 56.14 cr

Realty firm Housing Development and Infrastructure Ltd (HDIL) today reported 76 per cent increase in consolidated net profit at Rs 56.14 crore for the quarter ended March, 2016.
Its net profit stood at Rs 31.89 crore in the year-ago period, HDIL said in a regulatory filing.
Income from operations jumped over two-fold to Rs 343.35 crore in the fourth quarter of last fiscal from Rs 156.45 crore in the corresponding quarter of the previous year.
On an annual basis, HDIL's net profit rose by 22 per cent to Rs 266.14 crore last fiscal from Rs 218.66 crore in the 2014-15 financial year.

Income from operations increased by 14 per cent to Rs 1,169.46 crore in the 2015-16 fiscal from Rs 1,022.47 crore in the previous year.
The board of directors, in its meeting held today, considered to issue security up to USD 350 million, subject to approval of the shareholders.
The board also considered preferential offer and issue of up to Rs 150 crore in share warrants, convertible into equity shares, to promoter Sarang Wadhawan, subject to approval of the shareholder.
The company also appointed Ashok Kumar Gupta as independent director.