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Unitech shares soar 10% intraday as Q1 net loss narrows

Unitech share price advanced as much as 10 per cent on Thursday after a consolidated net loss of the real estate company narrowed down to Rs 44.82 crore for the quarter ended June 30, 2016 against net loss of Rs 279.64 crore in the same quarter last year.

By: | New Delhi | Updated: September 15, 2016 4:07 PM
BSE Sensex, NSE Nifty, Unitech Unitech share price advanced as much as 10 per cent on Thursday after a consolidated net loss of the real estate company narrowed down to Rs 44.82 crore for the quarter ended June 30, 2016 against net loss of Rs 279.64 crore in the same quarter last year. (Photo: Reuters)

Unitech share price advanced as much as 10 per cent on Thursday after a consolidated net loss of the real estate company narrowed down to Rs 44.82 crore for the quarter ended June 30, 2016 against net loss of Rs 279.64 crore in the same quarter last year. However, consolidated net sales of the company grew by 27.91 per cent year-on-year to Rs 487.88 crore for the quarter under review against Rs 381.43 crore in the same quarter last year. The company also registered a consolidated operating profit of Rs 20.34 crore, up 107.34 per cent, against operating loss of Rs 277.06 crore in the same quarter a year ago.

Later, the share price of the company closed 5.42 per cent up at Rs 6.42. The scrip opened the day at Rs 6.25 and touched a high and low of Rs 6.70 and Rs 6.14, intrade. Benchmark BSE Sensex closed 40.66 points up at 28,412.89.

Consolidated expenditure of Unitech Ltd slipped by 28.77 per cent year-on-year to Rs 475.60 crore in Q1FY17 from Rs 667.72 in Q1FY16.

On a standalone basis, the company reported a net loss of Rs 15.11 crore against net profit of Rs 1.71 crore in the same quarter last fiscal. Standalone net sales and expenditure of the company jumped by 32.79 per cent and 9.18 per cent year-on-year to Rs 266.98 crore and Rs 262.81 crore, respectively.

On a year-to-date basis, Unitech shares have fallen 10.57 per cent to Rs 6.09 till September 14, whereas BSE Sensex jumped 11.59 per cent during the same period.

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