Unitech rallies over 10% as Q3 net profit rises to Rs 43 crore

NEW DELHI: Unitech Ltd rallied as much as 10.1 per cent in trade on Monday, after the realty firm reported a 32 per cent per cent increase in consolidated net profit at Rs 43.33 crore for the quarter ended December 2014 due to lower operational expenses and interest outgo.

Its net profit stood at Rs 32.82 crore in the year-ago period.

At 10:30 a.m.; Unitech was trading 9.5 per cent higher at Rs 18.30. It hit a low of Rs 17.05 and a high of Rs 18.40 in trade today.

Income from operations, however, declined to Rs 704.56 crore in the third quarter of this fiscal from Rs 731.67 crore in the corresponding period of the previous year, Unitech said in a statement.

Total expenditure fell to Rs 661 crore from Rs 716 crore during the period under review. Finance costs declined to Rs 7.33 crore from Rs 28.06 crore in the year-ago period.

Unitech said it has a healthy balance sheet with a net debt to equity ratio of 0.57. Net debt as of December 31, 2014 was Rs 6,300.84 crore, PTI reported