Housing Development and Infrastructure Limited reported a net profit of Rs 114 crore in the fourth quarter ended March 2014 against a loss of Rs 280 crore in the year-ago period.

The company’s total income from operations stood at Rs 205 crore in the quarter against Rs 140 crore in the year-ago quarter.

For the full fiscal year, the company's net profit stood at Rs 178 crore for FY14 against Rs 73 crore for FY13.

Sarang Wadhawan, Vice Chairman & Managing Director, HDIL said: “The company has reported a good set of numbers in the last quarter with a significant reduction in our debt position. We continue to focus on reducing debt and possession of our existing projects in the upcoming quarters as well."

"With faster clearances of pending projects, rapid infrastructural development and a spur of other economic activities, we expect the economy to further accelerate its growth and end the woes that the sector is currently undergoing," he added.

The company scrip closed at Rs 101.55, up 5.40 points or 5.62 per cent from its previous close on the BSE on Friday.

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