The lull in real estate market, particularly in the commercial properties’ segment, has pulled down Housing Development and Infrastructure (HDIL) profits.The profit declined by 44.07 per cent.
The profit for the quarter ending September was Rs 148.59 crore. Corresponding quarter last financial year the company had reported profit of Rs 265.68 crore.
HDIL also saw its income falling by 25.93 per cent. The income for the second quarter of the current financial year was Rs 353.70 crore.
Following the results announcement, the company’s shares fell 3.53 per cent. During the market hours, HDIL’s stock was trading at Rs 335.20.
The half year profit too was down 56.12 per cent. HDIL posted half yearly profit of Rs 256.06 crore. The income too saw a decline of 38.04 per cent.
While updating on the results, the company also said that it has brought the debt considerably. “Out of the proceeds of qualified institutional placement, the company had repaid debt of Rs 1,264.85 crore,” HDIL said in a notification to Bombay Stock Exchange.
