HDIL eyeing Rs 6,000 crore sales in next 3 years

Real estate developer, HDIL, is eyeing a Rs6,000-crore sales in the next three-years, a senior company executive said.

"We have remained bullish even in a challenging business environment and our focus will continue to remain on the execution of our projects. We are expecting sales of around Rs6,000-crore over the next three-years," HDIL's managing director, Sarang Wadhawan, told reporters here today after announcing the quarterly results of the company.

For Q4 FY 11, the company reported 7.55% increase in its net profit at Rs197.32-crore as compared to Rs177.84 crore in the year-ago period.

The total income of the company for the period stood at Rs523.71 crore, a 20.65% rise as against Rs434.07-crore in FY 10.

"Revenues are as per expectations. But due to the current market prices, revenues from transfer of development rights (TDR) have been impacted. We were able to do a couple of transactions. However, TDR still continues to remain healthy though we still see a downturn in the market prices," Wadhawan said.

The company sold 9-lakh square feet of TDR in the fiscal and has targeted to sell around 10-lakh square feet of TDR in FY 12, he said.

During the year, the company launched around 75-lakh square feet as compared to 45-lakh square feet in FY 10. For the year-ended March 31, 2011, the company recorded net profit of Rs822.34 crore, a 43.71%growth as compared to Rs566.57-crore.

The total sales for FY 11 stood at Rs1,899.88-crore as against Rs1,536.63-crore in FY 10.