Realty developer Housing Development & Infrastructure Ltd (HDIL) has reported a 30.1% year-on-year drop in consolidated net profit at Rs 40.82 crore for the quarter ended June. Total consolidated income also declined 2.7% at 265.21 crore, the company said in its earnings release.
The company generated around 2.75 lakh Transferable Development Rights during the quarter with TDR prices been in the range of Rs 4,000 per sq. ft. The company has not recognized TDR sales during this ..
“During the first quarter, execution of ongoing projects has been the prime focus for us. Debt reduction continues to be our agenda for the coming quarters and we strive towards achieving the same. We expect TDR sales will give impetus to our cash flow,” said Vice Chairman & Managing Director Sarang Wadhawan.
HDIL’s consolidated net debt stood at Rs 2,726.52 crore as on June 30.
As per IND AS compliance, the company has written off one-time expenses worth Rs 25 crore on account of certain receivables, project cost, amortization and advances paid.