Unitech clocks 13-fold jump in Q4 profit
Realty major Unitech Ltd Thursday reported over thirteen-fold jump in consolidated net profit at Rs 30.33 crore for the quarter ended March 31 on account of higher revenues from real estate segment.
New Delhi: Realty major Unitech Ltd Thursday reported over thirteen-fold jump in consolidated net profit at Rs 30.33 crore for the quarter ended March 31 on account of higher revenues from real estate segment.
It had clocked a net profit of Rs 2.26 crore in the same quarter corresponding year, the company said in a filing to the BSE.
Net income increased to Rs 848.25 crore in January-March quarter of the 2012-13 fiscal compared to Rs 716.29 crore in the same quarter previous fiscal. Revenues from real estate and related activities rose to Rs 629.82 crore during the quarter from Rs 574 crore in the same period a year ago.
The company's finance cost has come down to Rs 1.72 crore from Rs 25.18 crore in the review period.
Commenting on the performance, Unitech Managing Director Sanjay Chandra said: "Exit from telecom investment has brought about a greater focus on core business of the real estate."
For the full fiscal 2012-13, the company's consolidated net profit declined by 11.71 percent to Rs 209.57 crore from Rs 237.38 crore in the previous fiscal.
Net income, however, rose to Rs 2,440.54 crore from Rs 2,418.30 crore in the review period.
The company said it had written off an investment of Rs 103.52 crore it made in the telecom venture.
Of the total outstanding amount of Rs 1,607.43 crore given as advances as on March 31, 2012, the company said it has recovered Rs 682.55 crore and it is confident of recovering/adjusting the balance amount in due course.
"These advances have been given in the normal course of business for the puchase of land, projects pending commencement, joint ventures and collaborators. The management is confident of recovering/adjusting the balance advances in due course," the filing added.
Unitech Ltd has its presence in real estate, transmission towers, hospitality, property management and others.
Shares of the company declined by 4.2 percent to close at Rs 23.95 apiece on the BSE.