Indiabulls Real Estate Q4 profit down 7% at Rs 51.94 cr

Indiabulls Real Estate today reported 7% decline in consolidated net profit to Rs 51.94 crore for the quarter ended March 31 on higher tax expenses and lower sales.

The company had posted a net profit of Rs 56.02 crore in the year-ago period, according to the company's filing to BSE.

Total income from operations also fell 7% to Rs 412.29 crore in January-March quarter of the fiscal 2012-13 as against Rs 445.24 crore in the corresponding period of the previous year.

Tax expenses rose to Rs 34.50 crore during the fourth quarter of 2012-13 from Rs 3.03 crore in the year-ago period.

For the entire 2012-13 fiscal, Indiabulls Real Estate reported five% growth in its consolidated net profit to Rs 174.19 crore from Rs 165.81 crore in the previous year.

The total revenue, however, declined by over six% to Rs 1,300.55 crore in the last fiscal from Rs 1,391.59 crore in the previous year.