Indiabulls Real Estate posts Rs. 301 crore profit in Q2 FY20

Indiabulls Real Estate Ltd (IBREL) has reported almost leap of almost four times 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.

The company in a regulatory filing has said that its 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's net profit increased sharply mainly on account of decline 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 liabilities. 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.