HDIL Q2 net down
Realty developer Housing Development & Infrastructure Ltd (HDIL) has reported 35% on-year drop in net profit at Rs 37 crore for the quarter ended September. Total income for the quarter declined 8% from a year ago to Rs 223.25 crore, the company said in a regulatory filing.
“Simultaneous focus on project execution and debt reduction has been our strategy over last few quarters and we strive to achieve the same in the coming quarters as well,” said Sarang Wadhawan, Vice Chairman & Managing Director, HDIL.
“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,” Wadhawan said.