Indiabulls Real Estate reported a consolidated net loss of Rs 94.56 crore in Q1 June 2020, lower than net loss of Rs 119.37 crore in Q1 June 2019.
Net sales slumped 94.3% year-on-year (YoY) to Rs 47.86 crore during the quarter. Pre-tax loss in Q1 FY21 stood at Rs 90.98 crore as against pre-tax profit of Rs 54.90 crore recorded in Q1 FY20. Current tax expense slumped 98.8% YoY to Rs 1.11 crore in the June quarter.
"Due to country-wide lockdown, business was severely impacted in Q1. However, now affordability of real estate is at a multi-year high with declining interest rates (nearing a 'psychological' low 7% handle), and flat property prices. We are now seeing very high demand for our completed products, and expect very robust collection for the rest of the year," the company said in a statement.
Indiabulls Real Estate is engaged in the development of real estate projects and allied activities.
The scrip rose 0.74% to Rs 61.05 on the BSE. It traded in the range of 60.25 and 64.95 during the day.
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