Unitech cut debt by Rs 325 crore last fiscal

Unitech cut debt by Rs 325 crore last fiscal New Delhi: Realty major Unitech has reduced its consolidated net debt by Rs 325 crore during 2011-12 fiscal to nearly Rs 5,400 crore.

The company's debt stood at Rs 5,399 crore as on March 31, 2012, according to audited result of last fiscal.

"The reduction in debt of Rs 325 crore during FY'12 was through internal accruals," a company official said.

Last week, Unitech reported a 53 percent decline in consolidated net profit at Rs 45.88 crore for the quarter ended June 30 against Rs 98.36 crore in the year-ago period.

Its total income fell by 36 percent at Rs 442.28 crore in the first quarter of this fiscal, from Rs 686.83 crore in the April-June period of last year.

The Board of Directors did not recommended any dividend for the financial year 2011-2012.

Unitech, the country's third largest real estate firm, achieved sales bookings of 1.51 million sq ft worth Rs 701 crore during the June quarter.

"The company's focus continues to be on ramping up the construction activity and is taking several measures to this end. A lot of emphasis is also being laid on improving various processes to drive efficiencies and reduce costs," Unitech Managing Director Ajay Chandra had said in a statement.

Unitech is developing number of projects mainly in the national capital region (NCR), Kolkata and Chennai.

Its share price had declined by 2.11 percent on Friday to Rs 20.90 on the BSE from the previous close.

PTI