Unitech sells property worth Rs 2,088 crore to reduce debt

16 Nov 2011

Realty major Unitech has sold 3.71 million sq ft of area worth Rs 2,088 crore and reduced its debt by nearly Rs 400 crore in the first half of this fiscal. Out of 3.71 million sq ft that it sold during the first half of this fiscal, the housing sector accounted for 3.22 million sq ft. In sales booking, the housing segment contributed Rs 1,565 crore, while the non-residential vertical accounted for Rs 523 crore.

The company has launched nearly 6 million sq ft between April-September period of this fiscal. Over Rs 2,000 crore of sales bookings achieved during H1 2011-12 and the average sales realisation stood at Rs 5,633 per sq ft.

Recently, the company announced that it reduced its debt by Rs 191.02 crore during the July-September quarter, bringing the net debt level down to Rs 5144.04 crore. 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.

Unitech had reported a 47% decline in its consolidated net profit at Rs 92.46 crore for the quarter ended September 30, 2011. The net sales fell by 3% to Rs 626.06 crore in the second quarter of the current fiscal as against Rs 644.51 crore in the same period of the last fiscal.

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