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Indiabulls Real Estate Q1 profit up 29% at Rs152.57 crore

LiveMint logoLiveMint 24-07-2017 Bidya Sapam

Mumbai: Real estate developer Indiabulls Real Estate Ltd (IBREL) on Monday said consolidated net profit in the June quarter rose 29% from a year ago to Rs152.57 crore on the back of higher revenue.

In a filing to the BSE, the company said it has recorded an around 23% jump in its total income to Rs1,096.84 crore in the June quarter against Rs894.33 crore a year ago.

The company also said its board of directors has been authorized to issue non-convertible debentures (NCDs) up to Rs7,500 crore on a private placement basis, in one or more tranches.

During the quarter, IBREL acquired the entire minority stake of 10.08% in Indiabulls InfraEstate Limited (IIL), from ILFS Fund entities for Rs358.44 crore. “With this acquisition, IIL has become a wholly-owned subsidiary of the company,” it said.

Indiabulls Real Estate is currently developing over 15 projects with a total saleable area of 33.91 million sq. ft which could generate a net surplus of Rs16,235 crore. It launched its London project ‘Hanover Bond’ a collection of 80 apartments and a five-star hotel in March quarter. So far, it has sold four apartments worth £15.48 million.

Shares of IBREL closed at Rs215.90 on the BSE, up 1.12% from their previous close while Sensex closed at 32,245.87 points, up 0.68%.

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