Indiabulls Real Estate Q3 net jumps over 2-fold at Rs 79 cr

Income from operations up 45% to Rs 652 cr, total income rises 58% to Rs 729 cr

Indiabulls Real Estate Ltd (IBREL) today reported more than two-fold jump in consolidated net profit at Rs 78.75 crore for the third quarter ended December 31 on higher sales.

Its net profit was Rs 28.36 crore in the October-December period of 2013-14.

Income from operations rose 45 per cent to Rs 652.11 crore in the third quarter of 2014-15, as against Rs 449.67 crore in the year-ago period.

Its total income increased to Rs 728.79 crore for the quarter ended December from Rs 462.56 crore in the year-ago period, Mumbai-based IBREL said in a filing to the BSE.

The company has major presence in Mumbai and Delhi-NCR markets. It also has projects in London. It is currently developing 9 projects in India with total saleable area of 29.09 million sq ft.

During the third quarter of this fiscal, IBREL sold 330,00 sq ft of area for Rs 523 crore. It also raised $175 million through International Bond offering. The company also acquired 7.2 acre prime land parcel in Thane from Voltas through an auction process.

IBREL said it has a fully paid land bank of 1,010 acres across major cities and that is sufficient for proposed development over the next 7 years. The company also possesses 2,588 acres of SEZ land in Nashik, Maharashtra.