Indiabulls Real Estate Ltd's Net Profit Zooms Four-Fold For Q2FY20
New Delhi: Indiabulls Real Estate Ltd’s net profit jumped four-fold to Rs 301.17 crore in the second quarter of the current fiscal as compared to Rs 75.92 crore in the same quarter of the previous fiscal.
The total revenues of the company increased 4 percent to Rs 1,102 crore in the second quarter of the current fiscal as compared to Rs 1,060 crore in the corresponding quarter of the previous financial year.
In November, the company sold its Hanover Square property in London which has led to lowering of bank loan exposure by Rs 1,162 crore.
The board of directors of the company has approved the proposal to buy back of up to 5 lack equity shares at Rs 100 per equity share through the tender offer route.