Indiabulls Real Estate has moved higher by 6% to Rs 69.60 on reporting a more-than-double consolidated net profit of Rs 86 crore for the quarter ended September 30, 2013 (Q2) on back of higher operational income. The real estate developer had profit of Rs 32 crore in year ago quarter.
The company’s income from operations for the quarter grew 32% at Rs 451 core against Rs 342 crore in the corresponding quarter of previous fiscal.
Other income increased by nearly three-times to Rs 20 crore from Rs 8 crore, while financial cost declined by 24% at Rs 53 crore during the recently concluded quarter.
However, bank net debt (gross debt minus cash and cash equivalents) of the company nearly doubles to Rs 2,048 as on September 30, 2013 from Rs 1,065 crore at the end of June 2013 quarter.
Meanwhile, the board has declared a second interim dividend of Re 1 per equity share on the face value of Rs 2 per share for the financial year 2013-14.
The stock opened at Rs 66.20 and hit a high of Rs 70.70 on BSE after announcement of the results. A combined 18.28 million shares have change hands on the counter till late noon deals on BSE and NSE.
The company’s income from operations for the quarter grew 32% at Rs 451 core against Rs 342 crore in the corresponding quarter of previous fiscal.
Other income increased by nearly three-times to Rs 20 crore from Rs 8 crore, while financial cost declined by 24% at Rs 53 crore during the recently concluded quarter.
However, bank net debt (gross debt minus cash and cash equivalents) of the company nearly doubles to Rs 2,048 as on September 30, 2013 from Rs 1,065 crore at the end of June 2013 quarter.
Meanwhile, the board has declared a second interim dividend of Re 1 per equity share on the face value of Rs 2 per share for the financial year 2013-14.
The stock opened at Rs 66.20 and hit a high of Rs 70.70 on BSE after announcement of the results. A combined 18.28 million shares have change hands on the counter till late noon deals on BSE and NSE.
