Mumbai-based real estate developer Housing Development and Infrastructure (HDIL) disappointed the street with its fourth quarter net loss at Rs 280 crore as against profit of Rs 315 crore reported in a year ago period, impacted by consolidated exceptional loss of Rs 442 crore during the quarter.
Revenue dropped more than 77 percent to Rs 143 crore during January-March quarter from Rs 625 crore in corresponding quarter of last fiscal.
The real estate developer said Mumbai International Airport (MIAL) served termination notice for slum rehabilitation project.
"We have initiated legal remedies against MIAL's termination notice and have written off unrealised cost of Rs 442 crore on MIAL project," vice chairman & MD, Sarang Wadhawan said.
He said, however, no current project would be affected by MIAL termination. "We will monetise balance TDR of 1 m sq ft of airport project," he added.
"We expect to book revenue from 3 projects in first quarter of FY14."
He said standalone debt has reduced from Rs 3,740 crore to Rs 3,143 crore while consolidated debt fell by Rs 100 crore to Rs 4,018 crore.
"Debt reduction continues to be primary focus of the company," he added.
Shares fell 10 percent to Rs 46.15 on Bombay Stock Exchange.