HDIL in debt reduction mode

NSE and BSE listed realty firm HDIL has reduced its gross debt by Rs 237 crore in last fiscal at Rs 4,082.31 crore on higher sales. The company's debt stood at Rs 4,319.76 crore at the end of 2010-11 fiscal. The consolidated net debt stood at Rs 3,855.53 crore as on March 31, 2012 as the company had a cash balance of Rs 226.78 crore.

In FY 12, the company reported net sales of Rs. 2006.41 crores and net profit of Rs. 809.83 crore. At the current market price of Rs. 66 the stock is one of the cheapest stock in realty sector as it is trading at a PE multiple of just 3.4 times and price to book of less that 0.25.

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