Indiabulls Real Estate October-December net profit up 2.1 per cent at 80.44 crore

MUMBAI: Indiabulls Real Estate has reported 2.1 per cent year-on-year rise in net profit of Rs 80.44 crore for the quarter ended December. Total income for the quarter, however, declined 6.5 per cent to 681.49 crore, the company said in its earnings statement.

The developer achieved new bookings worth Rs 733 crore during the quarter.

During the quarter, Indiabulls Real Estate trimmed its net debt by Rs 225 crore and is planning to further reduce it by Rs 130 crore in last quarter of current financial year, to achieve the target net debt of Rs 4,800 crore as on March end.

The company is aiming to reduce its net debt-equity ratio to 0.42 by end of 2016-2017 (April-March). As on December end, the company's net debt stood at Rs 4,928 crore.

By March 2017, the company is looking to reduce net debt by Rs 1,500 crore, taking it down to Rs 3,300 crore; representing 12 per cent reduction by March 2016 and and 40 per cent by March 2017, the company said in its earnings statement.