Home >Companies >IBREL Q1 net profit dips 43%


IBREL Q1 net profit dips 43%

IBREL Q1 net profit dips 43%

Bangalore: Mumbai-based Indiabulls Real Estate Ltd on Wednesday posted a 43.4% year-on-year drop in net profit to 37.74 crore for the June-ended quarter.

During the quarter the realty firm launched two projects—a 10-acre luxury residential project, Blu, in south Mumbai and a premium residential township at Savroli, near Mumbai.

Its project pipeline includes multiple launches including townships, office buildings and a shopping centre planned in Sonepat, Gurgaon and Kanpur, Indiabulls Real Estate said in a presentation on Wednesday.

The company also informed the Bombay Stock Exchange that consequent to a managerial restructuring of Indiabulls group companies, Vipul Bansal had resigned as joint managing director and will move to Indiabulls Properties Investment Trust Singapore.

Narendra Gehlaut, another joint managing director, was appointed as managing director.

madhurima.n@livemint.com

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