HDIL posts net profit of Rs 177.84 cr in Q4 FY 10

Real estate developer, Housing Development and Infrastructure Limited (HDIL), has posted a net profit of Rs 177.84 crore in Q4 FY 10 as compared to Rs 61.92 crore for the quarter ended March 31, 2009. Turnover in Q4 FY 10 stood at Rs 437.07 crore as compared to Rs 357.86 crore in the same period last year.

Real estate developer, Housing Development and Infrastructure Limited (HDIL), has posted a net profit of Rs 177.84 crore in Q4 FY 10 as compared to Rs 61.92 crore for the quarter ended March 31, 2009. Turnover in Q4 FY 10 stood at Rs 437.07 crore as compared to Rs 357.86 crore in the same period last year.

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Further on the profitability and EBDITA, margins have improved as compared to Q3 FY 10 by approximately 20 per cent. The company has posted a lower net profit of Rs 596.65 crore for FY 10 as compared to Rs 830.43 crore posted in FY 09. Total income has also decreased from Rs 1814.57 crore for the year ended March 31, 2009 to Rs 1599.58 crore for the year ended March 31, 2010.

As per the consolidated results, the Group has posted a net profit of Rs 566.57 crore for the year ended March 31, 2010 as compared to Rs 780.71 crore for the year ended March 31, 2009.Total income has also decreased from Rs 1,782.42 crore for the year ended March 31, 2009 to Rs 1,536.63 crore for the year ended March 31, 2010.

"We foresee the Indian economy to be growing at a faster pace, which will in turn strengthen the real estate sector. There is a growing demand for residential spaces and with leasing volumes increasing; the commercial property segment will also see considerable improvement in the near future. All this is bound to couple HDIL's growth and outlook in the next year," HDIL's Managing Director, Sarang Wadhawan said in Mumbai.