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Indiabulls Real Estate records turnaround Q4 results

Capital Market 

The realty major posted a consolidated net profit of Rs 94.42 crore in Q4 March 2021 as against net loss of Rs 109.79 crore in Q4 March 2020.

Net sales for Q4 March 2021 zoomed 529% year-on-year to Rs 731.73 crore. The real estate company registered pre-tax profit of Rs 136.31 crore in Q4 March 2021 compared with pre-tax loss of Rs 144.11 crore in Q4 March 2020.

Indiabulls Real Estate said that its new sales jumped 66% to Rs 629 crore while gross collections improved 43.6% to Rs 866 crore in Q4 March 2021 over Q4 March 2020.

Total net surplus from completed inventory and projects that are currently ongoing stood at Rs 10,754 crore. Total sold receivables and completed/near completed inventory in hand is Rs 3,901 crore. Area of completed inventory is 5.9 million square feet and area under development of ongoing projects is 25.1 million square feet.

On a consolidated basis, the company's net profit tumbled 96.44% to Rs 4.30 crore on 53.48% decline in net sales to Rs 1521.41 crore in the year ended March 2021 over the year ended March 2020.

Indiabulls Real Estate is engaged in the development of real estate projects and allied activities.

Shares of Indiabulls Real Estate fell 0.25% at Rs 79.45 on Friday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, April 24 2021. 09:11 IST