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.