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Indiabulls Real Estate Shares Fall As Net Profit Declines 14% In Q3

Indiabulls Real Estate Shares Fall As Net Profit Declines 14% In Q3

New Delhi: Shares of Indiabulls Real Estate today fell by more than 4 per cent after the company reported 14 per cent decline in consolidated net profit for the quarter ended December 31, 2016, on lower sales.

After making a weak opening, the stock further lost 4.10 per cent to Rs 78.20 on BSE.

On NSE, shares of the company went down by 4 per cent to Rs 78.15.

Indiabulls Real Estate on Wednesday reported 14 per cent decline in consolidated net profit at Rs 58.58 crore for the quarter ended December on lower sales.

Its net profit stood at Rs 67.88 crore in the year-ago period, the company said in a filing to the BSE.

Income from operations fell to Rs 300.25 crore in the third quarter of this fiscal from Rs 711.51 crore in the corresponding period of the previous year.

Total income decreased to Rs 492.9 crore in the October-December quarter from Rs 735.75 crore a year ago.

PTI