Indiabulls Real Estate posts Rs 301 crore profit in Q2 FY20
Indiabulls Real Estate Ltd (IBREL) has reported nearly four-fold jump in its consolidated net profit at Rs 301.16 crore for the second quarter of this fiscal year. Its net profit stood at Rs 75.91 crore in the year-ago period. Total income rose to Rs 1,101.9 crore during the July-September quarter of the 2019-20 fiscal from Rs 1,059.71 crore in the corresponding period of the previous year, the company said in a regulatory filing. The company's net profit increased sharply mainly on account of fall in total expenses. Indiabulls Real Estate last week announced sale of its property in London to a promoter group firm for 200 million pounds (about Rs 1,830 crore) as part of its plans to focus on the India business and cut debt.
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