Indiabulls Real Estate posts Q4 net of Rs 47.30 crore
Indiabulls Real Estate, which recently demerged its subsidiary Indiabulls Wholesale Services, has reported a net profit of 47.30 crore in the fourth quarter to March 31.
By ET Bureau | Updated:
MUMBAI: Indiabulls Real Estate, which recently demerged its subsidiary Indiabulls Wholesale Services, has reported a net profit of 47.30 crore in the fourth quarter to March 31.The company's income from operations of during the period stood at 641.84 crore, it reported to the stock exchange on Monday.
If the demerger, effective from March 31 this year, is factored in, the company made a net profit of 23.39 crore as compared to a net loss of 16.02 crore that the combined entity reported in fiscal year 2009-10. Income for the company after the demerger stood at 561.15 crore.
In the fourth quarter, the company's area under development increased by 2.05 million sq ft due to new launches. For the whole year, total area under development grew 43% from 42.5 million sq ft from a year ago to 60.92 million sq ft. As a result, income from operations for the combined entity grew from 299 crore to 1,496 crore.
Total sales value for the year was 4,837 crore for an area of 5.94 million sq ft against 1,405 crore for 3 million sq ft a year ago. During the year, Indiabulls spent 2,339.83 crore for acquiring 192.75 acres against 133.38 crore for 76.63 acres a year ago.
The 2010-11 cost incurred for land acquisition includes 2,078 crore it paid for Bharat Mill and Poddar Mill it bought in an auction conducted by National Textile Corporation.
If the demerger, effective from March 31 this year, is factored in, the company made a net profit of 23.39 crore as compared to a net loss of 16.02 crore that the combined entity reported in fiscal year 2009-10. Income for the company after the demerger stood at 561.15 crore.
In the fourth quarter, the company's area under development increased by 2.05 million sq ft due to new launches. For the whole year, total area under development grew 43% from 42.5 million sq ft from a year ago to 60.92 million sq ft. As a result, income from operations for the combined entity grew from 299 crore to 1,496 crore.
Total sales value for the year was 4,837 crore for an area of 5.94 million sq ft against 1,405 crore for 3 million sq ft a year ago. During the year, Indiabulls spent 2,339.83 crore for acquiring 192.75 acres against 133.38 crore for 76.63 acres a year ago.
The 2010-11 cost incurred for land acquisition includes 2,078 crore it paid for Bharat Mill and Poddar Mill it bought in an auction conducted by National Textile Corporation.
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