Indiabulls Real Estate drops after weak Q1 result

Indiabulls Real Estate lost 2.01% to Rs 75.60 at 10:56 IST on BSE after consolidated net profit fell 46.5% to Rs 38.85 crore on 18.8% rise in total income to Rs 623.48 crore in Q1 June 2014 over Q1 June 2013.

The result was announced after market hours on Friday, 25 July 2014.

Meanwhile, the BSE Sensex was down 108.39 points, or 0.41%, to 26,018.36

On BSE, so far 6.24 lakh shares were traded in the counter, compared with an average volume of 24.38 lakh shares in the past one quarter.

The stock hit a high of Rs 76.90 and a low of Rs 73.50 so far during the day. The stock hit a 52-week high of Rs 109.45 on 4 June 2014. The stock hit a 52-week low of Rs 45.10 on 26 February 2014.

The stock had underperformed the market over the past one month till 25 July 2014, falling 19.43% compared with 3.21% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 16.02% as against Sensex's 15.16% rise.

The mid-cap company has an equity capital of Rs 84.97 crore. Face value per share is Rs 2.

Indiabulls Real Estate said that total sales in terms of area stood at 5.2 lakh sq ft Q1 June 2014 compared to 15.6 lakh sq foot in Q1 June 2013. Total saleable area under construction stood at 30.20 million sq. ft. as on 30 June 2014, Indiabulls Real Estate said.

Indiabulls Real Estate is one of the largest real estate company in India with development projects spread across high-end office and commercial complexes, premium residential developments, mega townships, retail spaces, hotel and resorts, state of the art special economic zones and infrastructure development.

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