Mumbai-based developer Housing Development and Infrastructure Ltd (HDIL) has posted 55 per cent rise in net profit at Rs 252 crore for the quarter-ended December 31, 2010, compared with Rs 163 crore logged in the same period last year. Total income was Rs 484 crore (Rs 436 crore).
Mr Sarang Wadhawan, Managing Director, said, “The cash flows generated from our operations have continued to remain stable and we are confident, going forward, this will only improve. We continue to focus on affordable housing, slum rehabilitation and redevelopment projects.”
HDIL launched an affordable township project at Palghar (West), near here, where the company reported sales of over 5,000 apartments in a week.
In the last one year, HDIL has launched 10 residential projects and sold more than 13 million sq.ft.
Mr Wadhawan said ongoing residential projects accounted for 12.22 million sq.ft and plans were on to launch a residential portfolio of about 27 million sq.ft in the next six months.
Further, HDIL would launch projects in Pune, Shahad, Panvel and Boisar and Kandivali. HDIL Entertainment launched its first multiplex in Kolkata.
The company scrip on the BSE closed 8.26 per cent higher at Rs 137.55 on Friday.