Indiabulls Real Estate sales bookings up 51%

Indiabulls Real Estate's sales bookings rose by 51% to Rs 3,002 crore during the last fiscal, while the annual rental income grew by 37%.

In an analyst presentation, the company said it's net debt has increased to Rs 1,195 crore as on March 31, 2013 as against Rs 1,134 crore at the end of 2011-12 fiscal. Gross debt rose to Rs 1,633 crore from Rs 1,351 crore.

Indiabulls Real Estate also informed it has acquired 220 acres in Gurgaon and Panvel in the last fiscal, taking the company's total land bank to 3,592 acres including 2,588 acres of Special Economic Zone (SEZ) in Nashik.

"Total sales of Rs 3,002 crore in FY13 vs Rs 1,982 crore for the year FY12. Annualised rental income increased to Rs 486 crore in FY-13 versus Rs 354 crore in FY-12," the company said in the presentation.

Indiabulls noted that it has recognised revenue of only Rs 1,110 crore during 2012-13 fiscal out of total sales of Rs 3,002 crore, "creating large backlog for future revenues".

The total saleable area under construction is 19.44 million sq ft as on March 31, 2013 and of that 11.98 million sq ft has been sold for sales value of Rs 8,370 crore.

Indiabulls said 7.46 million sq ft remains to be sold with an estimated value of Rs 12,215 crore at ongoing rates.

Mumbai-based company has 31 ongoing projects totalling 72.86 million square feet. It has presence in Maharashtra, National Capital Region and Chennai.

Last week, Indiabulls Real Estate reported a consolidated net profit of Rs 174.19 crore in 2012-13 fiscal against Rs 165.84 crore in the previous year.

The total income from operations, however, declined to Rs 1,300.56 crore in the last fiscal from Rs 1,391.60 crore in the 2011-12 financial year.