Indiabulls Real Estate clocks net profit of Rs 94 crore in Q4

Indiabulls Real Estate's consolidated profit after tax for the March quarter totalled Rs 94 crore as compared to a net loss of Rs 110 crore in the year-ago period.

Consolidated revenues totalled Rs 760 crore in Q4 FY21 as against Rs 152 crore in the same period of previous fiscal. The expenses too rose to Rs 623 crore from Rs 284 crore in the same period.

New sales jumped 66 per cent to Rs 629 crore from Rs 379 crore in Q4 FY20 while gross collections improved 43.6 per cent to Rs 866 crore in Q4 March 2021 over Rs 603 crore in Q4 March 2020.

Total net surplus from completed inventory and projects that are currently ongoing stood at Rs 10,754 crore, said Indiabulls.

At the same time, total sold receivables and completed/near completed inventory in hand is Rs 3,901 crore, the company said while the area of completed inventory is 5.9 million square feet and area under development of ongoing projects is 25.1 million square feet.

As a part of business updates, said Indiabulls, the proposed scheme of amalgamation of NAM Estates and Embassy One Commercial Property Developments into the company has now received approval from the Competition Commission of India.

In addition, the merger scheme has also received approval from the Securities and Exchange Board of India as well as stock exchanges.

The company has 1,929 acres of fully paid land bank spread across Mumbai, NCR and Chennai.

As government positions India as an attractive manufacturing destination, 1,424 acres of additional Nashik SEZ land can provide a significant impetus to asset monetisation, said Indiabulls.

( With inputs from ANI )