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HDIL Q1 net profit down 85% to Rs 16.25 crore

Profit stood at Rs 105.38 crore in the year-ago period.

New Delhi: Realty firm Housing Development and Infrastructure Ltd (HDIL) on Wednesday reported 85 per cent fall in consolidated net profit at Rs 16.25 crore for the quarter ended June 30 on lower sales and higher finance cost.

Profit stood at Rs 105.38 crore in the year-ago period.

Total revenue fell by 25 per cent to Rs 150.66 crore in the first quarter of this fiscal from Rs 201.16 crore in the corresponding period of last fiscal, Mumbai-based HDIL said in a filing to the BSE.

The finance cost has increased to Rs 169.34 crore from Rs 154.08 crore during the period under review.

HDIL said the company had issued 25,675 non-convertible debentures of Rs 10 lakh each aggregating to Rs 2567.70 crore, of which non-convertible debentures aggregating to Rs 1311.22 crore has been redeemed.

The board has accepted resignation of RC Kapoor as a Director of the company with immediate effect. Kapoor has resigned due to personal reasons, the filing said.

Shares of HDIL were at Rs 33.20 apiece on BSE in late afternoon trade, up 1.68 per cent from yesterday closing.


From Zee News

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