Indiabulls Real Estate posts net profit of Rs. 173 crore in Q1, up 45% on-year

India’s major realty developer Indiabulls Real Estate has reported a consolidated net profit of Rs. 173.1 crore, up 45% on-year, for the quarter ended June. The consolidated total income for the quarter surged 23% to Rs. 1,096.8 crore, the company said in a regulatory filing. During the quarter, the company reported new residential sales of Rs 881 crore. The company reported annuity revenue of Rs 170 crore from its rental properties. Development properties’ profit after tax stood at Rs 206 crore for the quarter. The company also announced receiving approval of its board to raise Rs 7,500 crore through Non-Convertible Debentures (NCDs) in one or more tranches from time to time on private placement basis. The developer has acquired the entire minority stake of 10.08% in Indiabulls Infraestate Ltd (IIL), from ILFS Fund entities for a total consideration of Rs 358.44 crore. With this acquisition, IIL has become a wholly-owned subsidiary of the company.