Unitech Q3 net profit up 52 percent, beats estimates

MUMBAI Wed Feb 13, 2013 1:43pm IST

Labourers work at a construction site in Hyderabad May 29, 2009. REUTERS/Krishnendu Halder/Files

Labourers work at a construction site in Hyderabad May 29, 2009.

Credit: Reuters/Krishnendu Halder/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - Unitech, India's third-largest listed real estate developer by market capitalisation, reported a forecast-beating 52 percent rise in net profit for the Oct-Dec quarter, helped by higher sales and low finance costs.

The company's net profit for the fiscal third quarter was 841.7 million rupees compared with 552 million rupees a year earlier, it said in a statement on Wednesday.

Net sales were up 25 percent at 6.45 billion rupees over the same period.

Analysts expected the company to post a net profit of 808.4 million rupees, according to Thomson Reuters I/B/E/S.

Unitech, which builds houses as well as commercial and retail properties, had a mobile phone joint venture with Norway's Telenor (TEL.OL) that was among those whose licences were revoked by a court following the high profile licensing scandal.

On Tuesday the company's shares ended down nearly 18 percent after media reports of the company's Managing Director Sanjay Chandra's involvement in the allocation of mobile phone airwaves five years ago. The company has strongly denied any allegations.

(Reporting by Aditi Shah; Editing by Sunil Nair)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Adani Project

Adani Project

Australia approves Adani's $16 bln Carmichael coal project  Full Article 

India-U.S. Talks

India-U.S. Talks

Kerry to woo Modi's India, but quick progress unlikely  Full Article 

Paring Debt

Paring Debt

Jaiprakash to sell hydro plants to Reliance Power  Full Article 

Nifty Falls

Nifty Falls

The broader index hits lowest in nearly a week on profit taking  Full Article 

Mideast Conflict

Mideast Conflict

U.N. Security Council calls for humanitarian ceasefire in Gaza  Full Article 

Market Eye

Market Eye

Foreign investors prefer Indian cyclicals, utilities - Macquarie  Full Article 

Debt Investment

Debt Investment

India's FII debt limit hike credit-positive, says Moody's  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage