Unitech Q3 net profit soars 52%, brings some relief for cornered company
During the first nine months of this fiscal, Unitech said it has achieved sales bookings of 4.41 million sq ft and launched projects totalling an area of 3.38 million sq ft.
The residential sales bookings stood at 4.09 million sq ft worth Rs 1,785 crore, while the commercial sales bookings were 0.32 million sq ft valued at Rs 429 crore. "Total value of sales bookings is Rs 2,213 crore".
India's Unitech Q3 net up 52 pct, beats estimates
(Reuters) Unitech, India's third-largest listed real estate developer by market capitalisation, reported a forecast-beating 52 percent rise in net profit for the Oct-Dec quarter, helped by higher sales and low finance costs.
The company's net profit for the fiscal third quarter was 841.7 million rupees compared with 552 million rupees a year earlier, it said in a statement on Wednesday.
Net sales were up 25 percent at 6.45 billion rupees over the same period.
Analysts expected the company to post a net profit of 808.4 million rupees.
Unitech, which builds houses as well as commercial and retail properties, had a mobile phone joint venture with Norway's Telenor that was among those whose licences were revoked by a court following the high profile licensing scandal.
On Tuesday the company's shares slumped more than 20 percent after media reports of the company's managing director, Sanjay Chandra's involvement in the allocation of mobile phone airwaves five years ago. The company has
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