HDIL Q2 net profit down 30.8% at Rs 148 cr, below estimates

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HDIL Q2 net profit down 30.8% at Rs 148 cr, below estimates

Housing Development and Infrastructure (HDIL), a real estate developer, has reported a consolidated net profit of Rs 148 crore in the second quarter of FY12, a fall of 30.8% as compared to Rs 214 crore in the corresponding quarter of last fiscal.

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Housing Development and Infrastructure (HDIL), a real estate developer, has reported a consolidated net profit of Rs 148 crore in the second quarter of FY12, a fall of 30.8% as compared to Rs 214 crore in the corresponding quarter of last fiscal.

Consolidated net sales jumped 18.33% to Rs 441 crore from Rs 372.7 crore during the same period.

Numbers came in below street expectations; CNBC-TV18 poll saw profit after tax of Rs 201 crore and net sales of Rs 495.5 crore.

In a press conference, Sarang Wadhawan, VC and MD of HDIL said average interest cost moved up to 14% from 13.2% year-on-year and tax provision increased to 25% from 15% during the same period.

"We increased prices by 15% on residential segment and we expect to further increase prices by 15-20% going forward," he added.

The company sold 3 lakh TDR in the quarter and 2-2.5 lakh sq ft of TDR is yet to be sold, says Wadhawan.

HDIL's current debt stands at Rs 4,162 crore.