Unitech net up 39% as sales rise

CORPORATE SCORECARD

Real estate company Unitech today posted a 39 per cent increase in consolidated net profit at Rs 525.78 crore for the quarter ended December 31, 2007, against Rs 377.84 crore for the corresponding period in the previous year.

Total income of the group during the quarter was Rs 1,165.11 crore, up 19 per cent from the previous corresponding period, the company said in a statement.

"Higher sales, better price realisation and strong project execution have resulted in a robust financial performance during the period. With many projects in the pipeline, we expect this strong performance to continue," Unitech Ltd Managing Director Sanjay Chandra said.

For the nine-month period ended December 31, 2007, the consolidated total income of the group stood at Rs 3,129.04 crore and consolidated profit after tax was Rs 1,301.58 crore.

During the quarter, Unitech made a foray into the Mumbai market by acquiring a 50 per cent stake in a company that is executing a 97-acre slum rehabilitation project. The company also won a tender to develop a 1,750-acre township in Visakhapatnam.

Unitech also bagged a tender to develop a 350-acre township in Hyderabad.

On a standalone basis, net profit declined 18.44 per cent at Rs 368.92 crore in the quarter, against Rs 452.38 crore for the corresponding quarter a year ago.

Net sales dipped 18.37 per cent to Rs 818.51 crore in the period, as compared with Rs 1002.74 crore in the year-ago period, Unitech informed the National Stock Exchange.

Unitech shares lost 1.89 per cent on the Bombay Stock Exchange On Thursday, to close at Rs 378.65.