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Total income increased to Rs450 crore from Rs.342.3 crore. Photo: Mint
Total income increased to Rs450 crore from Rs.342.3 crore. Photo: Mint

Indiabulls Real Estate net profit more than doubles

Firm's net profit rose to Rs86.3 crore in the September quarter from Rs36.4 crore a year earlier

Mumbai: Indiabulls Real Estate Ltd’s net profit more than doubled in the July-September quarter from the year-ago period, the developer said.

The company, which has projects in commercial, residential, retail, hospitality, special economic zones and infrastructure development, saw net profit rise to Rs86.3 crore in the three months from Rs36.4 crore a year earlier, it said on Tuesday.

Total income increased to Rs450 crore from Rs.342.3 crore.

In August, the realtor purchased the 49% stake held by US-based fund FIM Ltd, a foreign venture capital investment of Farallon Capital Management LLC, in seven residential projects for 1172 crore.

Shares of Indiabulls Real Estate rose 2.5% to Rs67.60 on Tuesday, while the benchmark Sensex contracted 0.14% to 20,864.97 points.

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