Unitech records cons income rises 150% at Rs 1963.93cr

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Unitech Limited, India's leading Real Estate Company, today announced its unaudited financial results for the second quarter - July 1^st to September 30^th 2007 and for the half year ended September 30^th 2007.

 

On a consolidated basis, total income during the quarter was Rs. 1064.25 crores, up 142% from the corresponding period last year and Profit after tax was Rs. 410.12 crores, up 298% from the corresponding period last year.

 

For the half year ended 30^th Sep'07, the consolidated total income stood at Rs. 1963.93 crores and consolidated profit after tax was Rs. 775.80 crores.

 

Commenting on the company's performance, Mr. Sanjay Chandra, Managing Director - Unitech Ltd., said "On the back of a growing real estate sector in the country, Unitech has posted a robust performance during the period. We attribute this growth to higher sales and better price realization. Many of our projects, across geographies, are beginning to take off. With our strong development and project management skills, we expect to create better value for our customers and generate superior returns for our shareholders".

 

Since its last disclosure of land bank in September 2006, Unitech has been continuously acquiring land parcels across new geographies. The company has aggregated sizeable amount of land in newer markets and will be disclosing the same in due course, as and when the acquisition process is complete. By focusing on larger opportunities and by avoiding participation in land auctions, Unitech has managed to create land bank in attractive locations at a lower cost. This would provide the company the flexibility to offer product at different price points and increase sales by tapping a wider customer base.

 

The Earning per Share (EPS) for the half year ended 30^th Sep'07 stands at Rs. 4.78 (consolidated, not annualized) on an equity base of Rs. 324.68 crores.  Total paid up capital is represented by 162.34 crore equity shares of the face value of Rs. 2 each.

 

As of September 30^th, 2007, the company had, on a consolidated basis, total reserves and surplus of Rs. 2529.98 crores. Unitech's total outstanding loan was Rs 5719.44 crores. The company had Rs. 1392.68 crores in cash & cash equivalents. As of 30^th Sep'07, Advances from the customers against booking of properties stood at Rs. 4822.99 Crores.

 

Shareholder base of Unitech expanded substantially during the quarter and the total no. of shareholders as of 30^th Sep'07 was 202,711. 

 

Key highlights during the first half of the year are as follows:

 

Unitech launched The Grande, an ultra modern luxury residential project, at Noida

Unitech launched Capella, 1^st phase of Uniworld City, Greater Noida

Unitech launched The Gateway, a residential project spread across 35 acres in Kolkata, consisting of 2 and 3 bedroom apartments

Unitech launched Harmony, 8^th phase of Uniworld City, Kolkata

Unitech successfully launched Worlds of Wonder at Entertainment City , Noida

ERP System, SAP is being implemented at Unitech by IBM. 

 

Sourced From: Vaishnavi Corporate Communications Pvt Ltd