Indiabulls Real Estate's net profit dips 76% to Rs 49 crore in Q3 FY20

MUMBAI: Indiabulls Real Estate (IBREL) on Monday reported a 75.69 per cent decline in consolidated net profit at Rs 49.27 crore for the quarter ended December 2019, mainly due to higher expenses. The company had reported a profit after tax (PAT) of Rs 202.4 crore in the corresponding quarter last fiscal, it said in a BSE filing. Total income for the period under review increased marginally by 2.33 per cent to Rs 1317.7 crore as compared to Rs 1,287.59 crore in Q3 FY2019. Total expenses of the company during the quarter increased 20 per cent to Rs 1201.28 crore from Rs 1,001.32 crore in the corresponding period last fiscal.

"Of the total expenses, Rs 79.88 crore mentioned in other expenses include an impairment of on account of recoverability of certain financial assets," it said. During the quarter, the company sold its entire stake in Century, which indirectly owns Hanover Square property in London, and another subsidiary IPMT, UK, to Clivedale Overseas, an entiry owned by the promoter of IBREL for Rs 1836.93 crore or GBP 200 million. IBREL also executed definitive transaction agreement with Blackstone Group to divest its 100 per cent stake in its subsidiary Maraina Infrstructure. During the quarter, it also sold one of the commercial asset/development at Mumbai to Blackstone for a consideration of Rs 675 crore, it said.


February 11, 2020

2 views0 comments


  • LinkedIn

DISCLAIMER: The information contained in this website is offered for illustration purposes only and is general information. We make no representations or warranties of any kind (express or implied) with respect to the information, products, services, statements, figures, calculations, plans, images, logos, related graphics and are purely indicative in nature only. Whilst all reasonable care has been taking in providing all information, however, We or / and our related companies or/ and our representatives, consultants or / and our agents accept no responsibility for its completeness, accuracy, reliability, suitability or availability of any information contained herein for any action taken in reliance thereon by any party. Any reliance on information as contained in this website does not constitute an offer, inducement, representation, warranty or contract and may be relied upon at one’s risk and consequences.