The country’s second largest real estate firm according to marketcap, Unitech Ltd, on Wednesday reported a net profit of Rs 423.3 crore during the quarter ending June 30, which is up 16% from Rs 365.7 crore during the corresponding period of the previous fiscal. During the period the company’s total income stood at Rs 1054.4 crore, up 17% as against Rs 899.7 crore during corresponding quarter last fiscal. “Unitech, today, is a pan Indian player with resilient and far reaching growth strategies,” said Sanjay Chandra, managing director, Unitech Ltd. “We expect to maximize yields per acre of development thereby generating superior shareholder returns”.
The company’s shares on the Bombay Stock Exchange (BSE) closed at Rs 162.15, up 3.41% against the previous close.
Speaking about the company’s telecom plans, where the company has a pan-India licence, Chandra said that it appointed a Swiss investment banker UBS to look for a global partner to dilute the company’s 26% stake in the telecom business, while management consultant McKinsey has been hired for the overall telecom business plan.
Unitech Wireless, the telecom arm of the group, plans to launch operations in the first quarter of next year.
