Indiabulls Real Estate Q2 net profit up 100% YoY to Rs 141.6 crore

MUMBAI: Realty developer Indiabulls Real Estate has registered 100% on-year rise in its consolidated net profit at Rs 141.6 crore for the quarter ended September. Total revenue for the quarter rose 15% from a year ago to Rs 911.9 crore, the company said in release.

During the quarter, the company recorded new sales worth Rs 755 crore, while leasing around 50,000 sq ft commercial space.

The company’s two commercial properties One Indiabulls Center and Indiabulls Finance Center generated annuity revenue of Rs 126.9 crore during the quarter. Based on current leasing agreements, total annualized annuity revenue at these office complexes is Rs 595 crore for the financial year 2017-18, the company said.

Both the commercial complexes with total 3.3 million sq ft leasable area at Lower Parel in Mumbai have nearly 90% occupancy.