HDIL's profits tumble, company to hike prices by 15-20%

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HDIL's profits tumble, company to hike prices by 15-20%

Real estate developer Housing Development and Infrastructure (HDIL) reported a net profit of Rs 148 crore, on a consolidated basis for the second quarter of FY12.

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Real estate developer Housing Development and Infrastructure (HDIL) reported a net profit of Rs 148 crore, on a consolidated basis for the second quarter of FY12. The realty company witnessed a fall of 30.8% as compared to Rs 214 crore in the corresponding quarter of last fiscal.

Addressing the press, Sarang Wadhawan, vice chairman and managing director of HDIL said that the 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.

Watch the accompanying video for the complete press conference