Indiabulls Real Estate Q2 net profit jumps four-fold to Rs 301 crore

Indiabulls Real Estate

Indiabulls Real Estate Ltd (IBREL) has reported nearly four-fold jump in its consolidated net profit at Rs 301.16 crore for the second quarter of this fiscal year.

Its net profit stood at Rs 75.91 crore in the year-ago period.

Total income rose to Rs 1,101.9 crore during the July-September quarter of the 2019-20 fiscal from Rs 1,059.71 crore in the corresponding period of the previous year, the company said in a regulatory filing.

The company’s net profit increased sharply mainly on account of fall in total expenses.

Indiabulls Real Estate last week announced sale of its property in London to a promoter group firm for 200 million pounds (about Rs 1,830 crore) as part of its plans to focus on the India business and cut debt.

In June this year, Indiabulls Real Estate promoters had sold 14 per cent stake in the company through open market transactions to Bengaluru-based Embassy Group for Rs 950 crore as part of its strategy to focus on financial services and exit the realty business.