 "Indiabulls Real Estate's net jumps to Rs 72.6 cr")
Indiabulls Real Estate today posted its first quarter consolidated net profit at Rs 72.6 crore that jumped more than twice over from Rs 37.7 crore in the same quarter last year.
Its total income too went up by 1.3 times to Rs 524.7 crore from Rs 222 crore in the corresponding quarter last year. It clocked in sales of Rs 1,592 crore for an area of 1.56 msft for the quarter.
Indiabulls declared an interim dividend of 50% on the face value of Rs 2 per share for the quarter. “Net debt has been reduced by Rs 130 crore during the quarter, and now stands at Rs 1,065 crore as on June 30, 2013,” Indiabulls said, in a press release. IBREL claims that it retained its A+ rating for long-term debt and A1+ for its short-term debt.
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The real estate company also acquired 6.2 acres land during the quarter. “Strategic land acquisition over the years have helped IRBEL aggregate a land bank of 3,598 acres across India,” the company said.
It has 7.82 msft of land under development in commercial, 65.04 msft under residential development. The company also reported an unsold inventory of 11.24 msft with an estimated value of Rs 14,363 crore, at ongoing sale rates.
The stock of Indiabulls Real Estate went down by 2.7%, and was trading at Rs 71.6 at 1.10 PM.