Indian No. 2 listed real estate firm Unitech Ltd said on Tuesday its consolidated quarterly profit quadrupled as it sold more houses and commercial properties in the booming economy.
Unitech said consolidated net profit rose to 4.10 billion rupees ($104 million) for its fiscal second quarter to Sept. 30 from 1.03 billion a year earlier.
We attribute this growth to higher sales and better price realization, Managing Director Sanjay Chandra said in a statement.
Net sales more than doubled to 10.13 billion rupees from 4.31 billion a year ago.
Sector leader DLF Ltd, which was listed in July, reported a net profit of 20.19 billion rupees for the September quarter. It did not give comparable year-ago figures.
On a standalone basis, Unitech said its net profit for the September quarter rose 38 percent to 1.38 billion rupees from 1.0 billion a year earlier, according to the National Stock Exchange Web site.
The company also said its board approved an issue of up to 200 million shares with a face value of 2 rupees each.