Indiabulls Real Estate Q1 net profit up 29% at Rs 153 crore

Indiabulls Real Estate net profit stood at Rs 118 crore in the year-ago period

Indiabulls Real Estate on Monday reported 29 per cent increase in consolidated net profit at Rs 152.56 crore for the quarter ended June and plans to raise up to Rs 7,500 crore through issue of debentures on private placement basis.

The net profit stood at Rs 118.16 crore in the year-ago period, the company said in a regulatory filing.

Income from operations rose to Rs 1,096.84 crore in the first quarter of this fiscal from Rs 894.32 crore in the corresponding period of the previous year.

The board authorised the company to issue non-convertible debentures (NCDs) up to Rs 7,500 crore on private placement basis in one or more tranches, from time to time, the Mumbai- based developer said.

The company is developing about 15 projects comprising 34 million sq ft area.