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Saturday, April 26, 2014

Indiabulls Real Estate Q4 net falls 20%

Indiabulls Real Estate Q4 net falls 20%

Mumbai: Indiabulls Real Estate Ltd reported a 20% fall in profit for the March quarter as sluggish economic growth took a toll on the company’s revenue.
Net profit declined to Rs.41.6 crore in the three months ended 31 March, from Rs.52 crore in the corresponding year-ago quarter. Total income from operations fell 21% to Rs.327.6 crore from Rs.412 crore a year ago.
The developer, which has both residential and commercial real estate projects, sold about 3.40 million sq.ft. of space in fiscal 2014, higher than about 2.82 million sq.ft. a year ago, the company said in a presentation on Thursday.
Indiabulls’ total land bank for residential development stood at 966.56 acres and that for commercial development was at 43.18 acres as on 31 March.The company’s total saleable area under construction was 24.78 million sq.ft. as on 31 March.Shares of Indiabulls Real Estate closed 2.11% higher at Rs.62.85, while India’s benchmark Sensex rose 0.52% to 22,876.54 points.


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