Indiabulls Real Estate net falls 76% at ₹49 cr

Mumbai: Indiabulls Real Estate (IBREL) on Monday reported a 75.69% 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% 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% 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.

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