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Housing Development & Infrastructure Limited (HDIL) has rallied 7% to Rs 117 on the Bombay Stock Exchange (BSE) after reporting nearly 13-fold jumped in its consolidated net profit at Rs 65.29 crore for the quarter ended December 2014 on back of strong growth in operational income. The Mumbai-based real estate developer had profit of Rs 5.10 crore in the same quarter last year.
Total sales during the period under review surged four-fold at Rs 359 crore from Rs 90 crore in the corresponding period.
Total sales during the period under review surged four-fold at Rs 359 crore from Rs 90 crore in the corresponding period.
Meanwhile, analyst at JP Morgan has upgraded the stock with overweight rating with target price of Rs 140.
“HDIL’s 3Q EPS Rs 1.6 (+126% Y/Y) was ahead of expectations on recognition of Commercial sales in Kurla. Debt has gone down by 14% year to date (YTD) and presales are up 76% YTD. Improvement hence is seen on all metrics. The company expects to cut down debt by an additional Rs 200-300 crore by March and reduce it to under Rs 2,500 crore (Net D/E 0.2x by next year),” the analyst said in a report.
The stock opened at Rs 115 and hit a 52-week high of Rs 119 on BSE. Till 0930 hours, a combined 5.15 million shares changed hands on the counter on BSE and the National Stock Exchange (NSE).
“HDIL’s 3Q EPS Rs 1.6 (+126% Y/Y) was ahead of expectations on recognition of Commercial sales in Kurla. Debt has gone down by 14% year to date (YTD) and presales are up 76% YTD. Improvement hence is seen on all metrics. The company expects to cut down debt by an additional Rs 200-300 crore by March and reduce it to under Rs 2,500 crore (Net D/E 0.2x by next year),” the analyst said in a report.
The stock opened at Rs 115 and hit a 52-week high of Rs 119 on BSE. Till 0930 hours, a combined 5.15 million shares changed hands on the counter on BSE and the National Stock Exchange (NSE).
