Airport project on track: HDIL

Housing Development and Infrastructure (HDIL) has announced its first quarter numbers. It has posted net profit of Rs 317.9 crore for quarted ended June 2008 as against Rs 202.7 crore in same period of last year.

Key takeaways from HDIL concall:

• Net turnover of Rs 570.08 crores for the quarter ended June 30, 2008 reflecting a growth of 28.60% over the first quarter of 2007-08.
• The net profit for the first quarter rose by 56.86% at Rs 317.93 crores as compared to Rs 202.68 crores in the corresponding period of the previous year.
• The Profit before Tax (PBT) for the latest quarter stood at Rs 337.19 crores as compared to Rs 228.91 crores in the corresponding period of the last year.
• EPS for the quarter stood at Rs 14.84 per share and net worth is Rs 3942.35 crore.
• Airport project on track.
• To recognise revenues from airport project in the next 15-18 months.
• During this quarter HDIL started the construction of approx 15 million sq ft (salcable & rehab area ) for rehabilitating approx 20000 families for Phase I of Mumbai Airport Slum Rehabilitation project , largest slum rehabilitation project in India.
• The current debt stood at Rs 3000 crore, Recent land acquisition of Rs 1900 crore for airport from IL&FS was raised via debt.
• Average borrowing cost is less than 14%.
• Groundwork for the 53-acre land acquired in Kurla has begun.
• The company has already acquired 2,300 acres of land for Vasai project.
• The company is also set to acquire another 55 acres to commence phase II of the MAIL SRS project.
• Acquired a company called Ravi Jyot, which is accumulating land in Suburban Bombay.
• The company is confident of executing all the projects on time and continues to register positive growth in the remaining part of the fiscal.

For further details listen to concall.....