HDIL net slips 12.5% to Rs 189 cr

Housing Development & Infrastructure Ltd (HDIL) today reported a 12% decline in its consolidated net profit to Rs 189 crore for the quarter ended June 30.

The company had posted a net profit of Rs 216 crore in the corresponding period last year, HDIL said in a filing to the Bombay Stock Exchange (BSE).

The consolidated total revenue during the first quarter, however, increased by 12% to Rs 512 crore from Rs 455 crore in the year-ago period, it added.

The company's board also approved change in designation of its Managing Director Sarang Wadhawan to Vice-Chairman and Managing Director.

The shares of the company were trading 1.03% higher at Rs 117.80 apiece in afternoon trade on the BSE.