Unitech Q3 net profit up 32% at Rs 43.33 cr

Realty firm Unitech today reported a 32 per cent per cent increase in consolidated net profit at Rs 43.33 crore for the quarter ended December 2014 due to lower operational expenses and interest outgo.
Its net profit stood at Rs 32.82 crore in the year-ago period.
Income from operations, however, declined to Rs 704.56 crore in the third quarter of this fiscal from Rs 731.67 crore in the corresponding period of the previous year, Unitech said in a statement.
Total expenditure fell to Rs 661 crore from Rs 716 crore during the period under review.
Finance costs declined to Rs 7.33 crore from Rs 28.06 crore in the year-ago period.

Unitech said it has a healthy balance sheet with a net debt to equity ratio of 0.57. Net debt as of December 31, 2014 was Rs 6,300.84 crore.

Commenting on the results, Unitech MD Sanjay Chandra said: "Demand for residential space continues to be sluggish and it may take a few more quarters for the demand to revive. The company has been taking measures over the last few quarters to deal with this challenging environment and these have begun to bear fruit."
For the nine months ended December 31, 2014, the total income and net profit stood at Rs 2,661.67 crore and Rs 34.20 crore, respectively.

Unitech's shares today closed flat at Rs 16.70 crore on the BSE.