A strong uptick in sales led Mumbai-based Housing Development and Infrastructure’s (HDIL) net profit to surge more than three times to R56.7 crore.
Consolidated income from operations stood at R249.87 crores, growth of 65.84% y-o-y. The company recorded R300 crore of new project sales depicting a strong volume uptrend, the investor presentation showed.
Net debt on a quarter-on-quarter basis was 17% lower at R2,902 crore while standalone debt stood at R1,852.30 crore, a sharp fall of 24%. Consolidated cash flow from operations stood at R525.59 crore. HDIL reported customer collections of R117.99 crore during the quarter.
Commenting on the results, Sarang Wadhawan, vice-chairman and managing director, HDIL, said, “Company’s financial performance indicates our efforts on improving all financial parameters in a structured manner. Our focus continues to be debt reduction and execution of ongoing projects. In this improved business sentiment, HDIL also intends to expand its project activity”.
HDIL gave possession of Residency Park at Virar West and Galaxy Apartments at Kurla East in the affordable housing segment. It released 7 crore equity shares (48.11% of the total pledged shares of the promoter Rakesh Kumar Wadhawan, it said in a statement.
The share closed up 1.64%, at R92.75, on the BSE on Thursday.