Real estate developer, Unitech has reported a 47% decline in its net profit for the second quarter ended September 30, 2011 on the back of rising input cost and interest rate hike, among other factors.
The Group has posted a net profit of Rs 92.46 crore for the quarter under review, lower by 46.79% to Rs 173.76 crore in the same period a year ago. Total income has decreased from Rs 674.92 crore for the second quarter to Rs 666.39 crore for the quarter ended September 30, 2011, down by 1.28%.
On standalone basis, the company has reported a fall of 19.51% in its net profit of Rs 103.58 crore as compared to Rs 128.68 crore for the second quarter previous year. Total income of the company decreased by 4.44% to Rs 498.36 crore for the quarter under review as compared to Rs 521.51 crore for the same period last year.
However, the company reduced its debt by Rs 191.02 crore during the July-September quarter, bringing the net debt level down to Rs 5144.04 crore. The company is looking to reduce its debt, by Rs 500 crore by the end of this financial year from the sale of non-residential projects, which is often referred to as non-core assets. In the first half, it has cut debt by Rs 394.69 crore. The net debt to equity ratio for the first half stood at 0.43.