Realty firm Housing Development and Infrastructure Ltd (HDIL) today reported 72 per cent fall in consolidated net profit at Rs 31.89 crore for the quarter ended March, 2015.
The Mumbai-based developer had posted a net profit of Rs 113.52 crore in the year-ago period.
Total income fell to Rs 162.68 crore during January-March quarter of 2014-15 fiscal against Rs 259.27 crore in the corresponding period of previous year, HDIL said in a filing to the BSE.
For the full 2014-15 fiscal, HDIL posted a net profit of Rs 218.66 crore against Rs 177.57 crore in previous year.
Total income rose to Rs 1,083.12 crore in the last fiscal as against Rs 953.64 crore in 2013-14 fiscal.
In the quarter ended March 2014, the company had sold its investment in an associate company and sale consideration was part of other income amounting to Rs 44.45 crore. There was also reversal of income tax provision of Rs 35.63 crore. Hence the financial results are not comparable with quarter ending March 2015, HDIL said.
Commenting on the results, HDIL Vice Chairman & Managing Director Sarang Wadhawan said: "During the financial year 2014-15, our focus has remained on strong execution of ongoing projects and debt reduction."
"We have witnessed revival in the sector especially in affordable housing segment owing to factors like lower inflation, reduced interest rates and timely handover of projects. The sector outlook looks positive and HDIL is poised to grow significantly over the next 3-4 years," he added.
