Buoyed by an over 14 per cent jump in its consolidated quarterly net profit, the country's second largest realty firm Unitech is all set to explore possibilities for acquiring new projects in the coming months.
The company had yesterday reported its consolidated net profit for the quarter ended June 30 at Rs 180.04 crore compared to Rs 157.77 crore in the same quarter last fiscal.
The total income of the Unitech Group also increased by 53.87 per cent to Rs 843.57 crore in April-June compared to Rs 548.22 crore in the corresponding quarter last fiscal.
"With the financial leverage at a healthy level, the company is in a position to look at opportunities for acquisition of new projects," Unitech Managing Director Sanjay Chandra said.
He, however, did not elaborate on any specific projects or what could be the time-frame for any such acquisition.
"The company's strategy to focus on the affordable housing segment, while having a wide range of product offering, is paying dividends. This has resulted in a significant improvement in cash flows," Chandra said.
Unitech had changed its strategy last year and decided to focus more on mid and affordable housing segment. Before that it was primarily targeting luxury and upper middle-income housing segment. The company started offering product in the sub-Rs 20 lakh range under a new brand 'Uni Home'.
The National Capital Region-based realty major sold properties worth Rs 1,299 crore during the first quarter of this fiscal, on the back of robust sales in the residential segment.
In the April-June period, the residential segment contributed Rs 987 crore out of the total sales bookings of Rs 1,299 crore. The company sold 2.61 million sq ft of housing space and 0.4 million sq ft of commercial area.
Unitech had sold 16.6 million sq ft of area amounting to Rs 7,033 crore in 2009-10 fiscal.
