Unitech posts 39% rise in net profit

January 31, 2008, NEW DELHI: Unitech posted 39 percent increase in consolidated net profit. It got an increment from 377.84 crore to 525.78 crore in a quarter. Total income of Unitech group during the quarter under review was Rs 1165.11 crore, which is 19% high from last year.

Mr. Sanjay Chandra, Managing Director, Unitech Ltd, said, “Higher sales, better price realization and strong project execution have resulted in a robust financial performance during the period. With many projects in the pipeline, we expect this strong performance to continueā€¯.

The consolidated total income of this group from April 2007 to December 2007 stood at Rs 3,129.04 crore and consolidated profit after tax was Rs 1,301.58 crore.

The company made drastic step in Mumbai market by acquiring 50% stake in a company executing a 97 acre slum rehabilitation project. Company has also got a tender to develop a 1,750 acre township in Visakhapatnam. Unitech has also obtained a tender to develop a 350-acre township in Hyderabad.