balance sheet. Consequently, the debt-to-equity ratio came down to 0.57 against 1.10 in the previous quarter. Sales of the company surged 31%, but Ebitda margins were 140 basis points lower due to no new launches in the quarter and weak pre-sale velocity in some markets.
Delhi-based Unitech Ltd, on the other hand, saw its debt surge by Rs 250 crore as the group promoted company, Unitech Corporate Parks (UCP), took on debt for construction in its SEZs. "With the leasing activity gathering steam in UCP, construction has picked up pace," said Unitech sources. The company's consolidated net profit nearly halved to Rs 25.5 crore during the quarter due to a rise in expenses; however, total income from operations surged 10% y-o-y to Rs 596 crore.
Though Bangalore-based Sobha Developers and Prestige Estates continued to show an increase in revenues, margins were a tad below analyst expectations. JP Morgan said Prestige "yet again delivered a positive surprise with cash collections improving 23% y-o-y". The foreign brokerage said that the company's overall net debt increase of Rs 120 crore q-o-q was driven by dividends and elevated level of rental capex and land purchase. It said that the company's capex is likely to remain high till the next financial year.