Accommodation Times News Service
Realty major, Housing Development and Infrastructure Limited (HDIL), has announced its results for the second quarter of the fiscal year with its total income for the quarter at Rs. 223.26 crore and net profit at Rs. 36.8 crore.
Apart from that, the company’s consolidated net debt for the quarter which ended on 30th September 2016, remains at Rs. 2677.99 crore, a decline 9.84%of compared to 2970.41 crore in Q2FY16.
Commenting on the results, Mr. Sarang Wadhawan, Vice Chairman & Managing Director, HDIL said “Simultaneous focus on project execution and debt reduction has been our stratagem over last few quarters and we strive to achieve the same in the coming quarters as well.
The demonetization impact on the real estate sector is temporary and marginal. Increased liquidity in the market will result in reduced interest rates on home loans in the days to come. This will encourage home buyers to invest in Real Estate thereby giving thrust to the sector.”