Indiabulls Real Estate Q4 profit at Rs 1,648 crore

MUMBAI: Realty developer Indiabulls Real Estate has reported consolidated profit of Rs 1,648.3 crore for the quarter ended March as against Rs 79.8 crore a year ago. Total revenue for the quarter rose to Rs 2,068 crore from Rs 545.1 crore a year ago, the company said in a regulatory filing.

During the quarter, the company concluded the transaction involving divestment of 50% stake in Indiabulls Properties (IPPL) and Indiabulls Real Estate Company (IRECPL) to Blackstone Group L.P. for Rs 4,750 crore or at an aggregate enterprise value of $1.47 billion or Rs 9,500 crores.

Indiabulls Real Estate will maintain an asset light model, and do regular sales from its portfolio of owned and completed office properties to the rental platform, the company said.


For the year ended 2017-18, the company reported net profit of Rs 2,015.2 crore as against Rs 396.9 crore a year ago. Total revenue for the year rose to Rs 6,155.7 crore from Rs 2,844.3 crore. Ends