Unitech shines after management clarification
DSIJ Intelligence / 05 Apr 2017
The share price of Unitech increased 8.09 per cent in early trading and is currently trading at Rs 5.37 on an intra-day basis.
The share price of Unitech increased 8.09 per cent in early trading and is currently trading at Rs 5.37 on an intra-day basis.
The company’s management has clarified that it has committed no fraud against any investor. The delay in project delivery was due to reasons beyond the control of the company. Unitech is seeking appropriate remedy in accordance with the law. The company refused to comment any further as the matter is sub-judice.
According to the management, Unitech’s day-to-day operations are intact and fully functional and the company will endeavour to deliver apartments to the customers as soon as possible.
On the financial front, Unitech’s revenue increased 2.92 per cent to Rs 402 crore in Q3FY17 as compared to the same period in the previous financial year. The company’s operating profit dropped 45 per cent to Rs 51 crore in Q3FY17 on a yearly basis. It posted net loss of Rs 17 crore in Q3FY17, as against net loss of Rs 12 crore in Q3FY16.
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