Indiabulls real estate Q2 profit jumps four times to Rs 301 crore
Indiabulls Real Estate Ltd (IREL) has reported almost four-fold jump in its consolidated net profit to Rs 301 crore in the second quarter of current fiscal (Q2 FY20) from Rs 76 crore in Q2 FY19.
Expenses came down to Rs 733 crore from Rs 904 crore, leading to profit before tax of Rs 366 crore in the July to September quarter this year compared to Rs 137 crore in the corresponding quarter of previous fiscal.
IREL said it has made substantial progress to achieve zero net debt. It completed strategic divestment of its 50 per cent stake in the joint venture portfolio to the entities controlled by Blackstone Group Inc for an aggregate equity value of Rs 2,717 crore.
This led to a reduction of bank loans exposure by Rs 2,242 crore. On November 2, the company divested Hanover Square property in London which further reduced the bank loans exposure by Rs 1,162 crore.
The board of directors has approved a proposal of buyback of up to five crore equity shares at Rs 100 per equity share through the tender offer route.
Total revenues came in at Rs 1,102 crore versus Rs 1,060 crore. Earnings per share in Q2 FY20 work out to Rs 6.65 against Rs 1.68 in Q2 FY19.
Indiabulls Real Estate arm sells 100 pc stake in Century for INR 1830 Cr.