Indiabulls Real Estate Net Profit Jumps by 133 per cent in Q1
Manjiri Meshram / 04 Aug 2015
Recently Indiabulls Real Estate announced Q1FY16 results, revenue grew by 21 per cent amounting to Rs 738.2 crore from Rs 610 crore on yearly basis. Pre-sales were very strong during the quarter at Rs 800 crore, a growth of 45 percent over March quarter.
Indiabulls Real Estate is an India based real estate company. The company development projects spread across high-end office and commercial complexes, premium residential developments, mega townships, retail spaces, hotel and resorts, state of the art special economic zones and infrastructure development. The company has 31 ongoing projects.
Recently Indiabulls Real Estate announced Q1FY16 results, revenue grew by 21 per cent amounting to Rs 738.2 crore from Rs 610 crore on yearly basis. Pre-sales were very strong during the quarter at Rs 800 crore, a growth of 45 percent over March quarter. The total expenses rose by 6.76 per cent to Rs 504.64 crore. The operating profit (EBITDA) shot up 64.5 percent year-on-year to Rs 236 crore and margin expanded by 846 basis points to 32 percent year on year basis. The finance cost increased by 33.5 percent to Rs 98 crore and the tax cost doubled to Rs 45.8 crore from Rs 23 crore in the year-ago period.
During the quarter, the company reduced the debt. The net debt reduced to Rs 5,461 crore in June quarter from Rs 5,480 crore in March quarter. The company expects net debt reduction of additional Rs 600 crore in FY16.
Net profit rose by 133.41 per cent to Rs 9.68 crore in Q1FY16 compared to Rs 38.85 crore in Q1FY15, driven by strong revenue growth and operational performance despite higher tax and finance cost. The company announced four new projects that will be launched with a total saleable area of 7.77 million square feet (5.5 million square feet of residential projects in Mumbai & NCR and 2.23 million square feet of commercial projects in NCR).
Today after an outstanding result announcement, Indiabulls Real Estate trading around 6 per cent higher at Rs 66.
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