Housing Development and Infrastructure (HDIL) has posted consolidated net profit of Rs.1.89 billion for the quarter ended June 30, 2011 as compared to net profit of Rs.2.16 billion for the quarter ended June 30, 2010, representing decrease of 12.50%.
Total income has increased from Rs.4.68 billion for the quarter ended June 30, 2010 to Rs.5.22 billion for the quarter ended June 30, 2011, representing increase of 11.54%.
Commenting on the results, Sarang Wadhawan, Managing Director, HDIL, said, “We are pleased to report a satisfactory growth this quarter despite adverse environment. While we understand that the real estate sector is currently in a difficult phase, we continue to focus on the execution of our residential projects. A significant development for us this quarter is the commencement of shifting of eligible families for the first phase of the Mumbai International Airport (MIAL), slum rehabilitation project.”
Shares of the company gained Rs.3.8, or 3.26%, to trade at Rs.120.40. The total volume of shares traded was 1,082,874 at the BSE (11.06 a.m., Friday).
