Indiabulls Real Estate sale bookings down 75% to Rs 74 cr in June quarter

The company's loss widened due to provisions for possible loss of Rs 629 crore as an exceptional item

Indiabulls Real Estate

Representative Image (Photo: Twitter)

Press Trust of India New Delhi

Listen to This Article

Indiabulls Real Estate Ltd's (IBREL) sale bookings fell 75 per cent to Rs 74 crore in the first quarter of this fiscal.
Its sale bookings stood at Rs 297 crore in the year-ago period, according to an investor presentation.
In terms of volumes, the company's sale bookings fell to 82,000 square feet during April-June period of this fiscal from 3,33,000 square feet in the corresponding period of the previous year.
IBREL has reported a consolidated net loss of Rs 679.34 crore for the first quarter of this fiscal year, widening from a loss of Rs 51.77 crore in the year-ago period.
The company's loss widened due to provisions for possible loss of Rs 629 crore as an exceptional item.
Total income however increased to Rs 209 crore during April-June from Rs 164.19 crore in the corresponding period of the previous year.

Also Read

Four-lane bridge collapsed in Bihar, CM Nitish assured strict legal action

Come Jan, travel from Mumbai to Goa on new highway in just 4.5 hrs: Gadkari

Exchanges reclassify Sameer Gehlaut's stake as 'public'; stock falls 5%

Indiabulls Housing Finance zooms 9% on dividend proposal, fund raising plan

Construction firm involved in collapsed bridge working on Gujarat projects

PTC India consolidated net profit up 5.62% to Rs 143 cr in June quarter

NHPC posts 4% rise in consolidated net profit to Rs 1,095 cr in Q1

NBCC posts Rs 77.41 cr profit in Q1, total income rises to Rs 1,965 cr

ONGC's Q1 net profit drops 34% on back of lower oil prices, output

Global Health profit increases nearly 78% to Rs 102 crore in June quarter

"Exceptional item for the quarter ended 30 June 2023 includes impairment provision of Rs 629.07 crore shown as recoverable in one of the foreign subsidiaries of the company, namely Brenformexa Ltd.
"As a prudent measure, due to the uncertainty on the recoverability, a full provision has been created in the books of account of Brenformexa Ltd," it said.
Mumbai-based IBREL is one of the leading real estate firms in the country.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Aug 12 2023 | 5:17 PM IST

Explore News