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Realty firm HDIL today reported a 70 per cent fall in consolidated net profit at Rs 42.70 crore for the second quarter ended September 30, 2013-14 despite higher sales as expenses rose sharply.
It had posted a net profit of Rs 140.55 crore in the July-September quarter of the previous fiscal 2012-13, the Mumbai-based Housing Development & Infrastructure Ltd said in a filing to the BSE.
However, its total income during Q2 2013-14 increased by 66 per cent to Rs 443.9 crore, as against Rs 267.24 crore in the year-ago period.
Profits fell because of higher expenditure that rose to Rs 186.63 crore during Q2, as against (minus) Rs 52.05 crore in the year-ago period.
Finance costs also increased to Rs 183.38 crore from Rs 154.27 crore, while tax expenses rose to Rs 31.21 crore from Rs 24.19 crore during the period under review.
HDIL has developed over 100 million sq ft area in various real estate projects. It is a major player in the Mumbai market with 90 per cent of the land bank in the Mumbai Metropolitan Region (MMR).
As of June 30, 2013, the company had total land reserves of 226.86 million sq ft of saleable area.
The HDIL scrip closed at Rs 43.35, up 4.46 per cent on the BSE.
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