Decline in sales by over 77 per cent in the third quarter ended December 31 pulled down realty firm HDIL's stand-alone net profit to Rs 20.66 crore from Rs 125.62 crore in the corresponding period previous year.
The company's total income for the period dropped to Rs 99.98 crore from Rs 453.89 crore year-ago, it said.
Commenting on the results, HDIL Vice Chairman and Managing Director Sarang Wadhawan said, "Since we are following project completion method of accounting, turnover for the quarter could not be compared as there were no projects due for completion."
He further said the company has reduced debt by Rs 162 crore to Rs 3,640 crore.
"Our consolidated cash flows from operations have also improved significantly to Rs 332 crore. The company continues to focus on execution and delivery of its existing projects," Wadhawan added.
