Indiabulls Real Estate Dec net grows at Rs 77 cr

MUMBAI: Indiabulls Real Estate on Tuesday reported a over 27-times year-on-year jump in its consolidated net profit for the quarter ended December 31 to Rs 76.61 crore. Net sales for the quarter rose to Rs 399.66 crore, up 11 times, the company said in a notice to the Bombay Stock Exchange.


Higher spending on land, plots and constructed properties led to a sharp growth in total expenditure to Rs 284.07 crore. Analysts attributed the sharp rise in net profit of the realtor to most of its projects reaching the threshold level of 25% for revenue recognition.


Currently, Indiabulls Real Estate has projects spread over 17.2 million sq ft under construction, including three township projects at Chennai, Panvel, and Gurgaon. On Tuesday, shares of Indiabulls Real Estate closed at Rs 122.50, up 3.33% from Monday.