Indiabulls Real Estate Q4 profit down 37% at Rs 59 cr

Indiabulls Real Estate today reported 37 per cent decline in consolidated net profit at Rs 58.91 crore for March quarter on the back of higher finance cost and tax expenses.
The company had posted a net profit of Rs 93.13 crore in the year-ago period, the company said in a regulatory filing.
However, the company's income from operations surged 9 per cent to Rs 668.99 crore as against Rs 614.16 crore in the same period a year ago.
Total income rose to Rs 684.62 crore in the quarter under review compared with Rs 630.7 crore.
Net profit fell during the quarter as company's finance cost increased to Rs 81.41 crore from Rs 41.15 crore in the year-ago period.

Tax expenses jumped to Rs 41.69 crore from Rs 9.27 crore during the period under review.

For the full fiscal, Indiabulls Real Estate's consolidated net profit rose 23 per cent to Rs 305.04 crore as against Rs 248.08 in the preceding fiscal.
Total income increased to Rs 2,785.84 crore in 2015-16 fiscal from Rs 2,736.60 crore in 2014-15.
Indiabulls Real Estate is developing over 10 projects in India with total saleable area of over 30 million sq ft. It has presence in key Indian metros of Mumbai, NCR and Chennai.